NUVEEN
Exchange-Traded Funds
September 30, 1998
Annual Report
Dependable, tax-free income to help you keep more of what you earn.
NNY
NNP
NQN
NVN
NUN
NNF
New York
Photo of: Couple on dock.
<PAGE>
Highlights
As of September 30, 1998
Contents
1 Dear Shareholder
3 Portfolio Manager's Comments
5 NNY Performance Overview
6 NNP Performance Overview
7 NQN Performance Overview
8 NVN Performance Overview
9 NUN Performance Overview
10 NNF Performance Overview
11 Report of Independent Auditiors
12 Portfolio of Investments
39 Statement of Net Assets
40 Statement of Operations
41 Statement of Changes in Net Assets
42 Notes to Financial Statements
46 Financial Highlights
48 Building Better Portfolios
49 Fund Information
================================================================================
Credit Quality Performnce Highlights
Nuveen New York Municipal Value Fund, Inc. (NNY)
o Taxable-equivalent yield of 8.02%*
o 1-year total return on net asset value of 7.57%
o 1-year Taxable-equivalent total return on net
asset value of 10.63%
PIE CHART:
AAA/U.S. Guaranteed 52%
AA 14%
A 20%
BBB/NR 14%
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
o Taxable-equivalent yield of 9.41%*
o 1-year total return on net asset value of 7.00%
o 1-year Taxable-equivalent total return on net
asset value of 10.83%
PIE CHART:
AAA/U.S. Guaranteed 59%
AA 16%
A 7%
BBB/NR 18%
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
o Taxable-equivalent yield of 9.18%*
o 1-year total return on net asset value of 7.27%
o 1-year Taxable-equivalent total return on net
asset value of 11.09%
PIE CHART:
Insured 55%
U.S. Guaranteed 45%
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
o Taxable-equivalent yield of 9.10%*
o 1-year total return on net asset value of 7.01%
o 1-year Taxable-equivalent total return on net
asset value of 10.57%
PIE CHART:
Insured 68%
U.S. Guaranteed 32%
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
o Taxable-equivalent yield of 8.76%*
o 1-year total return on net asset value of 7.90%
o 1-year Taxable-equivalent total return on net
asset value of 11.31%
PIE CHART:
Insured 76%
U.S. Guaranteed 24%
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
o Taxable-equivalent yield of 8.15%*
o 1-year total return on net asset value of 10.67%
o Outperformed Lipper peer group average
PIE CHART:
Insured 80%
U.S. Guaranteed 20%
<PAGE>
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text:
Wealth takes a lifetime to build. Once achieved, it should be preserved.
Dear Shareholder
I'm pleased to report that over the past 12 months, the Nuveen New York
Exchange-Traded Funds have continued to perform well, meeting their primary
objective of providing you with competitive levels of tax-free income. The
strong market in fixed-income securities, bolstered by investor demand for
quality investments like our New York Exchange-Traded Funds, benefited the funds
and led to generally higher share prices over the past year. Competitive
tax-free income, enhanced by strong share price performance, illustrates once
again that municipal bonds provide an excellent investment for income-oriented
investors.
The Economy in Review
Over the past year, the markets endured bouts of volatility, as the Asian
financial crisis spilled over into emerging markets and affected economies
around the globe. Investors responded by seeking a haven from the ongoing
uncertainty in more conservative investments, such as municipal bond funds. As
interest rates on municipal bonds continued to trend downward, the competitive
yields offered by our exchange-traded funds stimulated additional investor
interest, which led to improved share prices overall.
The market for exchange-traded municipal bond funds has been exceptionally
strong. Exchange-traded funds continue to represent a bright spot among
fixed-income investments. These funds have paid competitive current market
yields in a market that places a high premium on yield. In addition, the funds
have generally maintained excellent levels of call protection, resulting in
relatively stable income streams. Bond calls may occur in these portfolios,
however, resulting in dividend reductions for the funds.
In the coming months, we will continue to watch several key factors affecting
the future of the economy, including the strength of the dollar, employment
figures, corporate earnings reports, and further interest rate indications from
the Federal Reserve. These factors will influence the outlook for fixed-income
markets during the remainder of the year.
Municipal Market Review
Over the past year, the declining interest rate environment drove yields on
30-year Treasuries to their lowest levels since the U.S. government began
selling these bonds in 1977. One of the main factors in the steep decline in
Treasury yields was the strong interest in these investments by international
investors. As problems in Asia continued to spread to other economies world-wide
and the dollar strengthened against foreign currencies, the demand for
U.S.-dollar denominated Treasury securities increased.
The story in the municipal market, however, was quite different. As yields on
the long Treasury bond reached historic lows, the yield on the Bond Buyer 40, an
unmanaged index of long-term municipal bonds, fell just 49 basis points - from
5.53% to 5.04% - compared with the dramatic 113-basis point drop in Treasury
yields over the past 12 months. As of September 24, 1998, the ratio between
Treasury yields and municipal yields stood at 100.6%, compared with the more
typical range of 80-90%. For investors, this means that municipal bonds offered
100.6% of the yield of a Treasury bond with comparable characteristics - before
taxes are taken into account. On an after-tax basis, municipal bonds present an
even more attractive investment option in relation to Treasuries.
<PAGE>
In the municipal market, where foreign demand was limited by the inapplicability
of tax advantages, low interest rates and a strong economy combined to generate
high levels of new issuance and a dramatic increase in the refinancing of
existing bonds. The first six months of 1998 saw $146 billion of new municipal
bond issuance, up 51% over the same period in 1997, and $42 billion in refunding
activity, an increase of 118% over that same period last year. The continued
strength of the U.S. economy has brought about improvements in the fundamental
financial health of many municipalities and boosted the overall credit quality
of municipal bonds.
Nuveen Expertise Is Key
The key to taking advantage of the exceptional values currently available in the
municipal market is the expertise of a proven investment manager. At Nuveen, we
recognize the value of time-tested expertise. The high level of recent municipal
issuance, for example, highlights the value of Nuveen's detailed knowledge of
the municipal market, as our portfolio management teams carefully analyze the
flood of issues to select those securities best suited to helping the funds
achieve their investment objectives.
In addition, Nuveen has assembled a group of Premier AdvisersSM that can provide
years of experience and insight dealing with a given asset class. In addition to
Nuveen Advisory Corporation, our Premier Adviser for tax-free investing, you can
rely on our growing group of other advisers to provide the expertise that makes
the difference in the equity market, including Institutional Capital Corporation
for value investing and Rittenhouse Financial Services for growth investing. For
more information about our funds, including charges and expenses, contact your
financial adviser for a prospectus, or call Nuveen at (800) 621-7227. Read it
carefully before you invest or send money.
We encourage you to talk with your financial adviser about the ways Nuveen's
expanding selection of investments, together with our 100 years of market
experience, can help you establish the foundation of a diversified portfolio
designed to build and sustain long-term financial security. When seeking quality
investment solutions that withstand the test of time, you can count on Nuveen.
Our expertise provides the key to building a well-balanced portfolio that can
help you achieve your financial goals.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
November 17, 1998
Sidebar text:
"Our expertise provides the key to building a well-balanced portfolio that can
help you achieve your financial goals."
<PAGE>
Nuveen New York Exchange-Traded Funds
Portfolio Manager's Comments
Portfolio manager Dan Solender discusses the New York municipal market, recent
fund performance, and key investment strategies for the Nuveen New York
exchange-traded funds. As part of our efforts to maximize the efficient use of
staff resources and portfolio manager expertise, Dan recently added portfolio
management responsibilities for the New York Value, New York Performance Plus,
New York Quality Income, and New York Insured Premium Income funds to his duties
as manager of Nuveen's other New York exchange-traded funds. Dan is a six-year
veteran of Nuveen with 11 years of experience as an investment professional.
New York State Update
Responding to low interest rates and a strong economy, the New York municipal
market continued to be the most active issuer among the 50 states, with supply
levels that remained the highest in the nation. Most notable among the flood of
new bonds was the $7 billion Long Island Power Authority (LIPA) offering, the
largest issuance in municipal bond history. The first part of the LIPA issuance,
which exceeded $3 billion, came to market in May 1998, and another segment was
brought out in October. The past year also saw heavy issuance by New York City,
the New York City Transitional Finance Authority, and the Dormitory Authority of
the State of New York, which funds state hospitals and schools. This high level
of supply was met by strong demand from both individual investors and
institutional buyers such as insurance companies, as these investors recognized
the exceptionally attractive values offered by municipal bonds. While the
short-term outlook for demand remains good in the New York market, the long-term
prospects for quality credits is highly dependent upon three things: 1) the
continued growth of the state's economy, 2) the impact of continued market
volatility on corporate results and subsequent tax payments and 3) the impact it
may have on the financial services industry profits.
The strength of the state's economy over the past 12 months was reflected in the
general increase in credit ratings for municipal debt, most notably in New York
City, which was upgraded by Standard & Poor's to A- from BBB+. The credit
quality at the state level also improved over the past year.
Fund Performance
For the 12 months ended September 30, 1998, the Nuveen New York Exchange-Traded
Funds produced total returns on net asset value that ranged from 7.00% to
10.67%, providing taxable-equivalent returns of 10.57% to 13.80% for investors
in the combined 35.7% federal and New York state income tax bracket. The total
returns compare with the unleveraged Lehman Brothers New York Municipal Bond
Index's annual return of 9.13% (the benchmark for NNY and NNP) and the Lehman
New York Insured Municipal Bond Index's annual return of 9.43% (the benchmark
for NQN, NVN, NUN, and NNF). Much of each fund's performance over the past 12
months can be tied to each fund's duration. Duration measures the volatility of
a bond fund's portfolio in reaction to interest rate movements. The longer the
duration, the more sensitive the fund is to changes in interest rates. During a
period of falling interest rates, longer duration enables a fund to participate
more fully in market gains. However, when rates rise, longer duration can make
the fund more vulnerable to potential price declines. As interest rates trended
downward over the past year, funds with durations longer than that of their
relevant index generally tended to outperform the market.
For our funds with shorter durations, we decided to continue to hold bonds
purchased during higher interest rate environments rather than sell these bonds
in an effort to increase duration. If we had sold these bonds, we may have had
to reduce the monthly tax-free dividends of the funds. In most cases, we chose
to focus on maintaining as attractive and as stable a dividend as possible
rather than reducing the dividend while trying to achieve slightly higher total
returns. The following chart illustrates the durations of the funds compared to
those of the applicable Lehman Brothers Index, as of September 30, 1998.
- -------------------------------------------------------------------
Lehman Brothers Lehman Brothers
Fund Duration Duration (NY) Duration (NY Insured)
- -------------------------------------------------------------------
NNY 6.48 years 7.10 years n/a
- -------------------------------------------------------------------
NNP 6.49 years* 7.10 years n/a
- -------------------------------------------------------------------
NQN 5.67 years* n/a 8.15 years
- -------------------------------------------------------------------
NVN 5.27 years* n/a 8.15 years
- -------------------------------------------------------------------
NUN 6.37 years* n/a 8.15 years
- -------------------------------------------------------------------
NNF 8.64 years* n/a 8.15 years
- -------------------------------------------------------------------
*Denotes leverage adjusted duration.
In the low interest rate environment of the past year, good call protection
within the portfolio helped support the dividends of NVN, NUN, and NNF by
protecting the income of these funds from erosion. As of September 30, 1998, NUN
has provided shareholders with 50 consecutive months of steady income, while NVN
and NNF are both at 26 months. However, declining interest rates did play a role
in reducing the income levels of NNY, NNP, and NQN, as proceeds from
higher-yielding bonds called or sold from these portfolios were reinvested in
bonds paying relatively lower current interest rates. Over the past year, the
change in income level earned by these portfolios necessitated dividend
reductions. Despite the adjustments in these three funds, the New York funds, as
a group, continue to provide very competitive current market yields ranging from
5.16% to 6.05%, equivalent to taxable yields of 8.02% to 9.41% for investors in
the combined 35.7% federal and New York state income tax bracket.
<PAGE>
As Tim mentioned in his letter to shareholders, share price performance among
the Nuveen exchange-traded funds has been strong over the past 12 months. As
interest rates fell, active demand for these funds generally increased share
prices over the year. As of September 30, 1998, all of the funds covered in this
report, with the exception of the unleveraged NNY, were trading at premiums
ranging from 0.05% to 10.13% above their net asset values. NNY, which was
brought to market in October 1987, is the oldest fund covered in this report and
the fund's portfolio is undergoing an anticipated restructuring as a result of
bonds purchased early in the fund's life reaching their call dates. Over the
past 12 months, approximately 23% of the bonds in NNY's portfolio were called
and replaced, resulting in some erosion of income. This seems to have driven a
subsequent decline in share price. At the same time, strong bond market
performance boosted the fund's net asset value, widening the spread between the
share price and the NAV. As a result, on September 30, 1998, the fund was
trading at a discount of 2.55% to its NAV.
Key Strategies
Over the past year, we have generally focused on two goals for the New York
funds: enhancing total return by lengthening duration by investing in bonds with
maturities in the 25- to 30-year range and enhancing call protection to help
stabilize current dividends. The abundance of new issuance over the past 12
months improved our ability to find attractive opportunities, although trading
was somewhat restrained by the lower yields offered by the current market. In
addition, our efforts to lengthen the maturities of NQN, NUN, and NVN - which
were assembled in the higher interest rate environment of 1990 and 1991 - were
tempered by our decision to continue holding many of the bonds currently in the
portfolios in order to maintain the funds' higher income streams and to avoid
capital gains. This decision led to some sacrifice of potential total return
over the past year. In NNY and NNP, we invested proceeds from bond calls into
lower-rated investment-grade bonds, which were made more attractive by the state
of New York's improved credit quality. This should help enhance total returns
over time.
Outlook for the Future
The current market environment - influenced by declining interest rates, benign
inflation, and strong municipal supply - has helped to position municipal bonds
as one of the most compelling values in today's marketplace. We expect that the
excellent municipal-to-Treasury ratio, combined with continued volatility in the
equity markets and investors' increasing awareness of the need for asset
allocation rebalancing, will result in growing demand for these bond funds. We
believe that investors who take advantage of current opportunities in the
municipal market should be rewarded with healthy returns and attractive yields
in the months ahead, as the market recognizes the value of these quality
investments.
Looking ahead, our focus for the New York funds will continue to be on
strategies that support the attractive income streams and enhance the call
protection of these funds. NNY, NNP, and NQN have already entered into a period
where bond calls become more likely, while calls for the other three funds are
still three to four years away. We will continue to look to new issuance for
value, attempting to take advantage of the buying opportunities that can arise
as issues come to market.
From a sector perspective, we are currently reviewing opportunities in
housing-related bonds, which are largely immune to overseas problems and appear
attractive in today's low interest rate climate. We anticipate that bonds issued
in this sector should offer extra yield with lower prepayment risk. The reason
for the anticipated extra yield is that housing bonds can be called at any time.
Thus, the risk for buying these types of bonds is rewarded in the form of higher
yields. The lower prepayment risk stems from the fact that interest rates are
currently very low. If issuers have been taking advantage of these low rates to
refinance older debt, the likelihood of these new bonds being called if and when
rates go up is remote, thereby decreasing prepayment risk. The situation is
similar to a homeowner refinancing their mortgage. You are not likely to
refinance again until rates fall considerably lower than the rate you already
have.
In response to the potential bond calls that may affect NNY, we plan to replace
called bonds with lower investment-grade securities to capture additional yield
and provide strength and stability for the fund's income stream. These are areas
where Nuveen's expertise - as an experienced investment manager knowledgeable
about the unique aspects of the New York municipal market - can result in added
value for our investors.
<PAGE>
Nuveen New York Municipal Value Fund, Inc.
Performance Overview
As of September 30, 1998
NNY
Portfolio Statistics
==============================================================
Inception Date 10/87
- --------------------------------------------------------------
Share Price $10 1/8
- --------------------------------------------------------------
Net Asset Value $10.39
- --------------------------------------------------------------
Current Market Yield Per Share 5.16%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.48%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal and State)(1) 8.02%
- --------------------------------------------------------------
Fund Net Assets ($000) $157,086
- --------------------------------------------------------------
Average Weighted Maturity (Years) 20.75
- --------------------------------------------------------------
Modified Duration (Years) 6.48
- --------------------------------------------------------------
Annualized Total Return
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 0.87% 7.57%
- --------------------------------------------------------------
3-Year 5.63% 6.42%
- --------------------------------------------------------------
5-Year 4.25% 5.43%
- --------------------------------------------------------------
10-Year 7.09% 7.59%
- --------------------------------------------------------------
Taxable-Equivalent Total Return(2)
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 3.82% 10.63%
- --------------------------------------------------------------
3-Year 8.96% 9.82%
- --------------------------------------------------------------
5-Year 7.66% 8.90%
- --------------------------------------------------------------
10-Year 10.65% 11.23%
- --------------------------------------------------------------
Top Five Sectors (as a % of total investments)
==============================================================
U.S. Guaranteed 19%
- --------------------------------------------------------------
Tax Obligation (Limited) 17%
- --------------------------------------------------------------
Education and Civic Organizations 13%
- --------------------------------------------------------------
Utilities 10%
- --------------------------------------------------------------
Health Care 9%
- --------------------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.70%.
2 Taxable-equivalent total return is based on the annualized total return and
a combined federal and state income tax rate of 35.70%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen
fund on an after-tax basis.
3 The fund also paid shareholders taxable distributions in December of $0.0918
per share.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share(3)
10/97 0.0505
11/97 0.047
12/97 0.047
1/98 0.047
2/98 0.047
3/98 0.047
4/98 0.047
5/98 0.0435
6/98 0.0435
7/98 0.0435
8/98 0.0435
9/98 0.0435
Mountain Chart:
Share Price Performance
Weekly Closing Price
Past performance is not predictive of future results.
10/3/97 10.875
10.75
10.688
10.75
10.5
10.75
10.5
10.5
10.375
10.5
10.313
10.438
10.438
10.5
10.688
10.75
10.625
10.563
10.625
10.625
10.625
10.5
10.438
10.438
10.438
10.5
10.5
10.5
10.313
10
10
9.688
9.625
9.75
9.813
9.688
9.5
9.5
9.625
9.75
9.5
9.438
9.5
9.5
9.563
9.563
9.75
9.563
9.688
9.688
9.938
9/30/98 10.125
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance Overview
As of September 30, 1998
NNP
Portfolio Statistics
==============================================================
Inception Date 11/89
- --------------------------------------------------------------
Share Price $17 3/4
- --------------------------------------------------------------
Net Asset Value $16.24
- --------------------------------------------------------------
Current Market Yield Per Share 6.05%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.77%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal and State)(1) 9.41%
- --------------------------------------------------------------
Fund Net Assets ($000) $344,674
- --------------------------------------------------------------
Average Weighted Maturity (Years) 21.60
- --------------------------------------------------------------
Leverage-Adjusted Duration (Years) 6.49
- --------------------------------------------------------------
Annualized Total Return
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 0.63% 7.00%
- --------------------------------------------------------------
3-Year 8.87% 6.67%
- --------------------------------------------------------------
5-Year 6.60% 5.80%
- --------------------------------------------------------------
Since Inception 8.79% 8.88%
- --------------------------------------------------------------
Taxable-Equivalent Total Return(2)
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 3.94% 10.83
- --------------------------------------------------------------
3-Year 12.48% 10.57
- --------------------------------------------------------------
5-Year 10.30% 9.70
- --------------------------------------------------------------
Since Inception 12.56% 12.85
- --------------------------------------------------------------
Top Five Sectors (as a % of total investments)
==============================================================
U.S. Guaranteed 41
- --------------------------------------------------------------
Education and Civic Organizations 13
- --------------------------------------------------------------
Tax Obligation (Limited) 9
- --------------------------------------------------------------
Transportation 8
- --------------------------------------------------------------
Health Care 7
- --------------------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.70%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.70%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
10/97 0.0925
11/97 0.0925
12/97 0.0925
1/98 0.0925
2/98 0.0895
3/98 0.0895
4/98 0.0895
5/98 0.0895
6/98 0.0895
7/98 0.0895
8/98 0.0895
9/98 0.0895
Mountain Chart:
Share Price Performance
Weekly Closing Price
Past performance is not predictive of future results.
10/3/97 19
18.688
18.5
18.313
17.875
18.125
18.125
18.25
18.125
18.438
18.25
18.625
18.375
18.5
18.938
18.938
18.75
18.875
18.75
17.375
17.688
17.625
17.563
17.688
17.438
17.188
17.75
17.313
17.063
17.063
17.125
17.25
17.188
17.25
17.625
17.375
17.625
17.125
17.5
17.938
17.813
17.75
17.625
17.25
17.5
17.813
17.875
17.75
17.5
17.563
17.625
9/30/98 17.75
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance Overview
As of September 30, 1998
NQN
Portfolio Statistics
==============================================================
Inception Date 11/90
- --------------------------------------------------------------
Share Price $17 1/2
- --------------------------------------------------------------
Net Asset Value Per Share $15.89
- --------------------------------------------------------------
Current Market Yield 5.90%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.55%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal and State)(1) 9.18%
- --------------------------------------------------------------
Fund Net Assets ($000) $398,372
- --------------------------------------------------------------
Average Weighted Maturity (Years) 22.77
- --------------------------------------------------------------
Leverage-Adjusted Duration (Years) 5.67
- --------------------------------------------------------------
Annualized Total Return
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 2.60% 7.27%
- --------------------------------------------------------------
3-Year 8.56% 6.40%
- --------------------------------------------------------------
5-Year 6.79% 5.14%
- --------------------------------------------------------------
Since Inception 8.63% 8.51%
- --------------------------------------------------------------
Taxable-Equivalent Total Return(2)
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 5.93% 11.09%
- --------------------------------------------------------------
3-Year 12.09% 10.19%
- --------------------------------------------------------------
5-Year 10.41% 8.90%
- --------------------------------------------------------------
Since Inception 12.23% 12.29%
- --------------------------------------------------------------
Top Five Sectors (as a % of total investments)
==============================================================
U.S. Guaranteed 45%
- --------------------------------------------------------------
Utilities 12%
- --------------------------------------------------------------
Health Care 10%
- --------------------------------------------------------------
Tax Obligation (Limited) 9%
- --------------------------------------------------------------
Transportation 8%
- --------------------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.70%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.70%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund also paid shareholders taxable distributions in December of $0.0136
per share.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share(3)
10/97 0.089
11/97 0.089
12/97 0.089
1/98 0.089
2/98 0.089
3/98 0.089
4/98 0.089
5/98 0.089
6/98 0.089
7/98 0.086
8/98 0.086
9/98 0.086
Mountain Chart:
Share Price Performance
Weekly Closing Price
Past performance is not predictive of future results.
10/3/97 18.25
18
18
17.875
17.438
17.75
17.875
17.875
17.625
17.938
18.125
17.75
17.938
17.938
18.313
18.063
17.875
18.063
18
17.75
17.563
17.625
17.813
17.563
17.5
17.313
17.438
17.375
17.25
17.125
17.688
17.688
17.75
17.625
17.938
18.188
17.813
17.813
17.938
17.813
17.563
17.75
17.75
17.875
17.813
17.563
17.625
17.75
17.438
17.5
9/30/98 17.5
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc.
Performance Overview
As of September 30, 1998
NVN
Portfolio Statistics
==============================================================
Inception Date 5/91
- --------------------------------------------------------------
Share Price $16 15/16
- --------------------------------------------------------------
Net Asset Value Per Share $15.99
- --------------------------------------------------------------
Current Market Yield 5.85%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.48%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal and State)(1) 9.10%
- --------------------------------------------------------------
Fund Net Assets ($000) $519,617
- --------------------------------------------------------------
Average Weighted Maturity (Years) 20.57
- --------------------------------------------------------------
Leverage-Adjusted Duration (Years) 5.27
- --------------------------------------------------------------
Annualized Total Return
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 6.84% 7.01%
- --------------------------------------------------------------
3-Year 8.94% 6.74%
- --------------------------------------------------------------
5-Year 7.34% 5.32%
- --------------------------------------------------------------
Since Inception 8.26% 8.43%
- --------------------------------------------------------------
Taxable-Equivalent Total Return(2)
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 10.20% 10.57%
- --------------------------------------------------------------
3-Year 12.45% 10.32%
- --------------------------------------------------------------
5-Year 10.98% 8.95%
- --------------------------------------------------------------
Since Inception 11.86% 12.05%
- --------------------------------------------------------------
Top Five Sectors (as a % of total investments)
==============================================================
U.S. Guaranteed 32%
- --------------------------------------------------------------
Tax Obligation (Limited) 15%
- --------------------------------------------------------------
Education and Civic Organization 12%
- --------------------------------------------------------------
Utilities 10%
- --------------------------------------------------------------
Health Care 8%
- --------------------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.70%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.70%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
10/97 0.0825
11/97 0.0825
12/97 0.0825
1/98 0.0825
2/98 0.0825
3/98 0.0825
4/98 0.0825
5/98 0.0825
6/98 0.0825
7/98 0.0825
8/98 0.0825
9/98 0.0825
Mountain Chart:
Share Price Performance
Weekly Closing Price
Past performance is not predictive of future results.
10/3/97 17.25
16.875
17
17.125
16.625
16.875
16.813
16.563
16.625
16.813
17.188
17.188
17.438
17.375
17.438
17.188
17.125
17.313
17.313
17.063
16.875
17
17.125
16.875
16.813
16.875
16.25
16.375
16.125
16.125
16.375
16.75
16.313
16.438
16.938
16.875
16.875
16.563
16.813
17.063
17
16.938
17
16.75
16.625
16.938
17
16.813
16.813
16.75
16.625
9/30/98 16.9375
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc.
Performance Overview
As of September 30, 1998
NUN
Portfolio Statistics
==============================================================
Inception Date 11/91
- --------------------------------------------------------------
Share Price $16 5/8
- --------------------------------------------------------------
Net Asset Value Per Share $15.90
- --------------------------------------------------------------
Current Market Yield 5.63%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.16%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal and State)(1) 8.76%
- --------------------------------------------------------------
Fund Net Assets ($000) $548,795
- --------------------------------------------------------------
Average Weighted Maturity (Years) 22.38
- --------------------------------------------------------------
Leverage-Adjusted Duration (Years) 6.37
- --------------------------------------------------------------
Annualized Total Return
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 8.89% 7.90%
- --------------------------------------------------------------
3-Year 10.90% 7.71%
- --------------------------------------------------------------
5-Year 8.01% 5.66%
- --------------------------------------------------------------
Since Inception 7.86% 8.13%
- --------------------------------------------------------------
Taxable-Equivalent Total Return(2)
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 12.19% 11.31%
- --------------------------------------------------------------
3-Year 14.39% 11.18%
- --------------------------------------------------------------
5-Year 11.57% 9.14%
- --------------------------------------------------------------
Since Inception 11.31% 11.55%
- --------------------------------------------------------------
Top Five Sectors (as a % of total investments)
==============================================================
U.S. Guaranteed 24%
- --------------------------------------------------------------
Education and Civic Organization 21%
- --------------------------------------------------------------
Tax Obligation (Limited) 19%
- --------------------------------------------------------------
Transportation 9%
- --------------------------------------------------------------
Utilities 9%
- --------------------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.70%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.70%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund also paid shareholders taxable distributions in December of $0.0219
per share.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share(3)
10/97 0.078
11/97 0.078
12/97 0.078
1/98 0.078
2/98 0.078
3/98 0.078
4/98 0.078
5/98 0.078
6/98 0.078
7/98 0.078
8/98 0.078
9/98 0.078
Mountain Chart:
Share Price Performance
Weekly Closing Price
Past performance is not predictive of future results.
10/3/97 16.25
16
16.063
16.125
16.188
16.125
16.188
16.188
16.25
16.313
16.875
16.625
16.75
16.938
17
16.688
16.438
16.438
16.688
16.688
16.688
16.625
16.313
16.375
16.438
16.625
16.375
16.125
16
16
16.188
15.75
15.813
16.375
16.75
16.75
16.063
16.063
16.25
16.5
16.188
16.063
16.188
16.438
16.438
16.625
16.5
16.563
16.438
16.5
16.438
9/30/98 16.625
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance Overview
As of September 30, 1998
NNF
Portfolio Statistics
==============================================================
Inception Date 12/92
- --------------------------------------------------------------
Share Price $15 11/16
- --------------------------------------------------------------
Net Asset Value $15.68
- --------------------------------------------------------------
Current Market Yield Per Share 5.24%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.59%
- --------------------------------------------------------------
Taxable-Equivalent Yield (Federal and State)(1) 8.15%
- --------------------------------------------------------------
Fund Net Assets ($000) $194,306
- --------------------------------------------------------------
Average Weighted Maturity (Years) 21.98
- --------------------------------------------------------------
Modified Duration (Years) 8.64
- --------------------------------------------------------------
Annualized Total Return
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 11.29% 10.67%
- --------------------------------------------------------------
3-Year 12.34% 9.98%
- --------------------------------------------------------------
5-Year 7.48% 6.39%
- --------------------------------------------------------------
Since Inception 6.71% 7.70%
- --------------------------------------------------------------
Taxable-Equivalent Total Return(2)
==============================================================
On Share Price On NAV
- --------------------------------------------------------------
1-Year 14.43% 13.80%
- --------------------------------------------------------------
3-Year 15.69% 13.21%
- --------------------------------------------------------------
5-Year 10.96% 9.69%
- --------------------------------------------------------------
Since Inception 10.00% 10.89%
- --------------------------------------------------------------
Top Five Sectors (as a % of total investments)
==============================================================
Education and Civic Organizations 22
- --------------------------------------------------------------
U.S. Guaranteed 20
- --------------------------------------------------------------
Health Care 14
- --------------------------------------------------------------
Utilities 14
- --------------------------------------------------------------
Tax Obligation (General) 11
- --------------------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.70%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.70%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
10/97 0.0685
11/97 0.0685
12/97 0.0685
1/98 0.0685
2/98 0.0685
3/98 0.0685
4/98 0.0685
5/98 0.0685
6/98 0.0685
7/98 0.0685
8/98 0.0685
9/98 0.0685
Mountain Chart:
Share Price Performance
Weekly Closing Price
Past performance is not predictive of future results.
10/3/97 14.875
14.875
14.5
14.688
14.875
14.875
14.875
14.688
14.875
15.125
15.188
15.188
15.25
15.438
15.875
15.625
15.5
15.5
15.375
15.438
15.625
15.563
15.75
15.625
15.563
15.5
15.5
15.125
15
14.75
14.875
14.875
14.688
15.125
15.063
15.125
15.063
15.313
15.375
15.5
15.438
15.313
15.375
15.563
15.688
15.938
15.813
15.438
15.563
15.688
15.75
9/30/98 15.6875
<PAGE>
Report of Independent Auditors
The Board of Directors and Shareholders
Nuveen New York Municipal Value Fund, Inc.
Nuveen New York Performance Plus Municipal Fund, Inc.
Nuveen New York Investment Quality Municipal Fund, Inc.
Nuveen New York Select Quality Municipal Fund, Inc.
Nuveen New York Quality Income Municipal Fund, Inc.
Nuveen Insured New York Premium Income Municipal Fund, Inc.
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen
New York Performance Plus Municipal Fund, Inc., Nuveen New York Investment
Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund,
Inc., Nuveen New York Quality Income Municipal Fund, Inc., and Nuveen Insured
New York Premium Income Municipal Fund, Inc. as of September 30, 1998, and the
related statements of operations, and changes in net assets and the financial
highlights for the periods indicated therein. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
September 30, 1998, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc.,
Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality
Income Municipal Fund, Inc., and Nuveen Insured New York Premium Income
Municipal Fund, Inc. at September 30, 1998, and the results of their operations,
and changes in their net assets and financial highlights for the periods
indicated therein in conformity with generally accepted accounting principles.
Chicago, Illinois
November 14, 1998
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Municipal Value Fund, Inc. (NNY)
September 30, 1998
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 12.3%
$ 2,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds,
Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 4/07 at 101 AAA $2,156,320
1,000,000 Dormitory Authority of the State of New York, State University Educational
Facilities Revenue Bonds, Series 1990A, 7.400%, 5/15/01 5/00 at 102 A- 1,074,910
1,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 5.750%, 7/01/18 No Opt. Call BBB+ 1,110,080
1,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 6.000%, 7/01/20 No Opt. Call BBB+ 1,148,270
11,080,000 Dormitory Authority of the State of New York, City University System
Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 7/03 at 100 BBB+ 10,941,722
3,000,000 Dormitory Authority of the State of New York, State University System
Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 5/08 at 101 A- 2,891,310
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 8.7%
500,000 Cattaraugus County, New York, Industrial Development Agency, Civic Facility
Revenue Bonds, Series 1988A (Olean General Hospital Project),
5.250%, 8/01/23 8/08 at 102 A+ 510,360
2,250,000 Dormitory Authority of the State of New York, The Rosalind and Joseph Gurwin
Jewish Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing
Home Revenue Bonds, Series 1997, 5.700%, 2/01/37 2/07 at 102 AAA 2,402,933
4,000,000 Dormitory Authority of the State of New York, The New York and Presbyterian
Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998,
4.750%, 8/01/27 2/08 at 101 AAA 3,886,560
905,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing
Home Insured Mortgage Revenue Bonds, 1987 Series A, 8.000%, 2/15/27 8/99 at 100 AA 917,109
235,000 New York State Medical Care Facilities Finance Agency, Albany Medical
Center Hospital Project Revenue Bonds, 1987 Series A, 8.000%, 2/15/28 8/00 at 100 AAA 240,487
825,000 New York State Medical Care Facilities Finance Agency, St. Lukes-Roosevelt
Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1993 Series A,
5.600%, 8/15/13 8/03 at 102 AAA 872,157
3,050,000 New York State Medical Care Facilities Financing Agency, Hospital and Nursing
Home, FHA Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 8/05 at 102 AAA 3,391,051
1,365,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue Improvement and
Refunding Bonds, Series 1993A, 7.600%, 9/01/15 9/03 at 102 N/R 1,489,679
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.3%
465,000 New York City Housing Development Corporation, Mortgage Revenue Bonds (South
Williamsburg Cooperative), 1990 Series A, 7.900%, 2/01/13
(Alternative Minimum Tax) 2/00 at 102 Aa1 486,804
1,400,000 New York City Housing Development Corporation, New York, Mortgage Revenue
Bonds (South Bronx Cooperatives), 1990 Series A, 8.100%, 9/01/23
(Alternative Minimum Tax) 9/00 at 102 Aa1 1,483,202
1,500,000 New York City Housing Development Corporation, Multi-Family Mortgage Revenue
Bonds (FHA Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 4/03 at 102 AAA 1,606,680
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.2%
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax) 6/00 at 102 Aa2 1,575,420
8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax) 10/01 at 19 11/32 Aa2 1,307,057
3,750,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) 9/08 at 101 Aa2 3,786,263
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Long Term Care - 8.6%
$ 2,015,000 Village of East Rochester, New York, Housing Authority, FHA-Insured Mortgage
Revenue Bonds (St. Johns Meadows Project), Series, 1997A, 5.750%, 8/01/37 8/07 at 102 AAA $2,174,245
3,000,000 Dormitory Authority of the State of New York, Hebrew Home For The Aged At
Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 2/07 at 102 AA 3,311,730
2,000,000 Dormitory Authority of the State of New York, German Masonic Home Corporation,
FHA Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26 8/06 at 102 AA 2,164,560
1,000,000 Dormitory Authority of the State of New York, Eger Health Care Center of Staten
Island, FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%,
2/01/28 2/08 at 102 AAA 1,006,350
1,565,000 New York State Medical Care Facilities Financing Agency, Hospital and Nursing
Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 8/02 at 102 AAA 1,726,258
3,000,000 Syracuse Housing Authority Syracuse, New York, FHA Insured Mortgage Revenue
Bonds, (Loretto Rest Residential Health Care Facility Project), Series 1997A,
5.600%, 8/01/17 2/08 at 102 AAA 3,185,340
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.5%
25,000 The City of New York, New York, General Obligation Bonds, Fiscal 1992
Series C, 6.300%, 8/01/03 8/02 at 101 1/2 AAA 27,511
1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series D,
6.600%, 2/01/04 No Opt. Call A- 1,273,084
1,390,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series B,
6.750%, 8/15/03 No Opt. Call A- 1,558,816
2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series I,
5.875%, 3/15/18 3/06 at 101 1/2A- 3,123,599
390,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D,
9.500%, 8/01/02 8/01 at 102 1/2A- 452,221
2,305,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series G,
6.000%, 10/15/26 10/07 at 101 A- 2,541,447
1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant
Serial Bonds, 1994, 7.250%, 11/01/11 (Alternative Minimum Tax) No Opt. Call AAA 1,280,040
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 16.7%
250,000 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A,
Junior Revenue Refunding Bonds, 5.800%, 11/01/22 11/03 at 102 A 267,835
5,000,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds,
Series 1996A, 5.250%, 4/01/26 4/07 at 101 AAA 5,152,700
6,000,000 New York City, New York, Transitional Finance Authority, Future Tax Secured
Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21 8/07 at 101 AA 6,039,420
250,000 Dormitory Authority of the State of New York, Judicial Facilities Lease
Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 No Opt. Call Baa1 291,800
1,000,000 Dormitory Authority of the State of New York, Court Facilities Lease
Revenue Bonds (The City of New York Issue), Series 1993A, 5.700%, 5/15/22 5/03 at 101 1/2 A3 1,049,980
3,125,000 Dormitory Authority of the State of New York, Mental Health Services
Facilities Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 8/07 at 101 AAA 3,163,813
3,000,000 Dormitory Authority of the State of New York, Mental Health Services
Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23 8/08 at 101 AAA 3,006,480
1,000,000 New York State Housing Finance Agency, H.E.L.P.-Suffolk Housing Revenue
Bonds, 1989 Series A, 8.100%, 11/01/05 11/99 at 100 Baa2 1,027,750
855,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds,
New York City, 1990 Series A Refunding, 8.000%, 11/01/08 11/00 at 100 BBB+ 931,172
10,000 New York State Housing Finance Agency, Service Contract Obligation
Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 9/04 at 102 BBB+ 11,238
1,000,000 New York State Medical Care Facilities Financing Agency, Mental Health
Services Facilities Improvement Revenue Bonds,1992 Series A,
6.375%, 8/15/17 12/02 at 102 AAA 1,091,890
1,000,000 New York State Urban Development Corporation, State Facilities Revenue
Bonds, 1995 Refunding Series, 5.750%, 4/01/11 No Opt. Call BBB+ 1,108,920
3,000,000 City School District of the City of Niagara Falls, New York, Certificates
of Participation (High School Facility), Series 1998, 5.375%, 6/15/28 6/08 at 101 BBB- 3,062,520
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation - 5.0%
$ 2,015,000 Metropolitan Transportation Authority, New York, Commuter Facilities
Revenue Bonds, Series 1997D, 5.125%, 7/01/22 7/07 at 101 AAA $2,039,785
1,000,000 New York City Industrial Development Agency, Special Facility Revenue
Bonds (1990 American Airlines, Inc. Project), 8.000%, 7/01/20
(Alternative Minimum Tax) 1/99 at 102 Baa2 1,030,030
4,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds,
One Hundred Ninth Series, 5.375%, 7/15/27 1/07 at 101 AAA 4,706,865
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 19.0%
3,110,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D,
9.500%, 8/01/02 (Pre-refunded to 8/01/01) 8/01 at 101 1/2 Aaa 3,636,585
20,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series G,
6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 A-*** 23,108
1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20
(Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 1,118,480
2,600,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds
(YMCA of Greater New York Project), 8.000%, 8/01/16
(Pre-refunded to 8/01/01) 8/01 at 102 N/R*** 2,934,646
4,000,000 Dormitory Authority of the State of New York, Judicial Facilities Lease
Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 No Opt. Call AAA 5,117,520
4,145,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds,
New York City, 1990 Series A Refunding, 8.000%, 11/01/08
(Pre-refunded to 11/01/00) 11/00 at 102 AAA 4,583,168
1,000,000 New York Local Government Assistance Corporation, New York, Series 1991B,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 AAA 1,109.430
990,000 New York State Housing Finance Agency, Service Contract Obligation Revenue
Bonds, 1994 Series A, 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 9/04 at 102 AAA 1,138,579
130,000 New York State Medical Care Facilities Financing Agency, Hospital and
Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%,
8/15/12 (Pre-refunded to 8/15/02) 8/02 at 102 AAA 145,374
2,200,000 New York State Thruway Authority, Local Highway and Bridge Service
Contract Bonds, Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 1/01 at 100 AAA 2,311,914
5,000,000 New York State Urban Development Corporation, Project Revenue Bonds
(Onondaga County Convention Center), Series 1990, 7.875%, 1/01/20
(Pre-refunded to 1/01/01) 1/01 at 102 Aaa 5,545,200
1,000,000 New York State Urban Development Corporation, State Facilities Revenue
Bonds, Series 1991, 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,109,430
1,000,000 New York State Urban Development Corporation, State Facilities
Revenue Bonds, Series 1991, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,109,430
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 10.2%
5,000,000 Long Island Power Authority, New York, Electric System General Revenue
Bonds, Series 1988A, 5.250%, 12/01/26 6/08 at 101 A- 5,115,800
1,000,000 New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc.
Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 1/00 at 101 A+ 1,051,340
1,000,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax 7/03 at 102 AAA 1,048,190
4,500,000 New York State Energy Research and Development Authority, Pollution Control
Revenue Bonds, Series C (Rochester Gas and Electric Company Project),
8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 A- 4,621,545
4,000,000 New York State Energy Research and Development Authority, Pollution Control
Revenue Bonds (Central Hudson Gas & Electric Company Projects), Series C,
8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 A 4,109,759
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 5.0%
$ 1,425,000 New York State Environmental Facilities Corporation, Water Facilities Revenue
Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%,
12/01/24 (Alternative Minimum Tax) 6/02 at 102 A $1,524,706
5,815,000 Western Nassau County Water Authority, System Revenue Bonds,
Series 1995, 5.650%, 5/01/26 5/06 at 102 AAA 6,272,058
- ------------------------------------------------------------------------------------------------------------------------------------
$ 152,685,000 Total Investments - (cost $143,559,698) - 98.5% 154,712,035
=============
Temporary Investments in Short-Term Municipal Securities - 0.4%
$ 700,000 City of New York, New York, Municipal Water Finance Authority, Water and
============= Sewer System Revenue Bonds, Series G, Variable Rate Demand Bonds,
4.050%, 6/15/24+ VMIG-1 700,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 1,673,944
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $157,085,979
====================================================================================================================
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Municipal Value Fund, Inc. (NNP)
September 30, 1998
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 12.8%
$ 2,660,000 Dormitory Authority of the State of New York, College and University Revenue
(Pooled Capital Program), Series 1985, 7.800%, 12/01/05 12/98 at 102 Aaa $2,729,133
2,500,000 Dormitory Authority of the State of New York, State University Educational
Facilities, Revenue Bonds, Series 1993A, 5.875%, 5/15/17 No Opt. Call A- 2,843,275
3,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Revenue Bonds, Series 1993 B, 6.000%, 7/01/14 No Opt. Call Aaa 3,486,990
Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, Series 1993F:
1,000,000 5.500%, 7/01/12 7/03 at 102 Baa1 1,043,990
11,350,000 5.000%, 7/01/20 7/03 at 100 Baa1 11,208,352
1,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds,
Series 1995 A, 5.375%, 7/01/14 7/05 at 102 Baa1 1,058,570
New York State Dormitory Authority, City University System,
Consolidated Third General Resolution Bonds, 1998 Series 2:
1,490,000 5.000%, 7/01/17 7/08 at 101 Baa1 1,496,467
1,055,000 5.000%, 7/01/18 7/08 at 101 Baa1 1,058,640
7,000,000 5.000%, 7/01/28 7/08 at 101 Baa1 6,908,720
1,500,000 New York State Dormitory Authority, St. Thomas Aquinas College, Insured
Revenue Bonds, Series 1998, 5.250%, 7/01/28 7/01 at 101 AA 1,524,225
7,925,000 New York State Dormitory Authority, State University Educational Facilities
Revenue Bonds, Series 1998B, 4.750%, 5/15/28 5/08 at 101 A- 7,637,877
3,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds,
Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 4/07 at 101 Aaa 3,234,480
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 6.8%
2,000,000 Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical
Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991,
7.400%, 8/01/30 8/01 at 102 AAA 2,211,360
1,000,000 New York State Dormitory Authority, FHA Guaranteed Hospital Revenue Bonds,
Series 1998, Saint James Mercy Hospital, 5.250%, 2/01/18 2/08 at 102 AA 1,023,540
190,000 New York State Medical Care Facilities Finance Agency, Albany Medical Center
Hospital Project, Revenue Bonds, 1987 Series A, 8.000%, 2/15/28 8/00 at 100 AAA 194,437
10,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing
Home FHA Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 8/02 at 102 AAA 10,734,600
2,630,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing
Home FHA Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 8/05 at 102 AAA 2,924,087
5,800,000 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage
Project Revenue Bonds, 1985 Series C, 6.250%, 8/15/15 2/05 at 102 Aa 6,359,352
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.8%
3,160,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds
(AMBAC Insured Program), 1989 Series B, 7.550%, 11/01/29
(Alternative Minimum Tax) 11/99 at 102 Aaa 3,299,040
1,585,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds
(Secured Mortgage Program), 1992 Series A, 7.000%, 8/15/12
(Alternative Minimum Tax) 8/02 at 102 Aa1 1,713,306
1,000,000 Hudson Housing Development Corporation (Hudson, New York), Multifamily
Mortgage Revenue Refunding Bonds, Series 1992A, (Providence
Hall-Schuyler Court Projects-FHA Insured Mortgages), 6.500%, 1/01/25 1/03 at 101 Aaa 1,055,400
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
$ 5,750,000 New York City Housing Development Corporation, Multi-Unit Mortgage
Refunding Bonds (FHAInsured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 6/01 at 102 AAA $6,169,060
3,965,000 Puerto Rico Housing Finance Corporation, Multifamily Mortgage Revenue Bonds,
Portfolio A, Series I, 7.500%, 4/01/22 4/00 at 102 AA 4,183,392
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 6.0%
1,250,000 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series 1998-73A, 5.250%, 10/01/17 (Alternative Minimum Tax) 9/08 at 101 Aa2 1,262,088
9,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax) 6/00 at 102 Aa2 9,662,576
915,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series SS, 7.950%, 10/01/22 (Alternative Minimum Tax) 10/00 at 102 Aa2 967,841
45,135,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax) 10/01 at 19 11/32 Aa2 7,190,006
1,460,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
1995 Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax) 1/06 at 102 Aaa 1,577,048
- ------------------------------------------------------------------------------------------------------------------------------------
Long Term Care - 2.2%
3,000,000 New York State Medical Care Facilities Finance Agency, FHA Insured Mortgage
Project Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 2/06 at 102 AA+ 3,290,760
4,000,000 Syracuse Housing Authority (Syracuse, New York), FHA Insured Mortgage Revenue
Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A,
5.600%, 8/01/17 2/08 at 102 AAA 4,247,120
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.9%
35,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series B, 8.000%,
6/01/99 No Opt. Call A- 36,049
1,500,000 The City of New York, New York, General Obligation Bonds, Fiscal 1991
Series F, 3.000%, 11/15/00 No Opt. Call A- 1,481,400
15,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C,
6.625%, 8/01/12 8/02 at 101 1/2 Aaa 16,616
1,000,000 The City of New York, General Obligation Bonds, Fiscal 1993 Series E,
5.750%, 5/15/13 5/03 at 101 1/2 Aaa 1,077,520
175,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D,
9.500%, 8/01/02 8/01 at 101 1/2 A- 202,920
2,485,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series F,
6.375%, 2/15/06 2/05 at 101 A- 2,797,538
1,500,000 New York City, General Obligation Bonds, Fiscal 1999 Series C,
5.000%, 8/15/22 8/08 at 101 A- 1,490,610
2,095,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant
Serial Bonds, 1994, 8.000%, 11/01/09 (Alternative Minimum Tax) No Opt. Call Aaa 2,743,382
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 9.2%
4,000,000 Dormitory Authority of the State of New York, Mental Health Services
Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23 8/08 at 101 Aaa 4,008,640
10,000 New York Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 2/02 at 102 A- 11,209
940,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds
(New York City), 1990 Series A Refunding, 8.000%, 11/01/08 11/00 at 102 BBB+ 1,023,745
1,195,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1990 Series A,
7.750%, 2/15/20 2/00 at 102 A- 1,280,526
335,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 8/00 at 102 A- 365,797
6,900,000 New York State Urban Development Corporation, Correctional Facilities
Service Contract, Revenue Bonds, Series A, 5.000%, 1/01/28 1/08 at 102 Baa1 6,810,645
7,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund, Series 1996A,
5.250%, 4/01/26 4/07 at 101 Aaa 7,213,780
6,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds,
Fiscal 1998 Series A, 5.125%, 8/15/21 (DD) 8/07 at 101 AA 6,039,420
5,000,000 Niagara Falls School District, Certificates of Participation, High School
Facility, Series 1998, 5.375%, 6/15/28 6/08 at 101 BBB- 5,104,200
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation - 8.4%
$ 15,525,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds,
Series 1998A, 5.250%, 7/01/28 7/08 at 101 Baa1 $15,775,729
2,000,000 Monroe County Airport Authority, Greater Rochester International Airport
Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 1/00 at 102 Aaa 2,116,920
6,750,000 New York City Industrial Development Agency, Special Facility Revenue Bonds
(1990 American Airlines Inc. Project), 8.000%, 7/01/20
(Alternative Minimum Tax) 1/99 at 102 Baa2 6,952,703
1,500,000 Port Authority of New York and New Jersey, Consolidated Bonds,
One Hundred Eleventh Series, 5.000%, 10/01/27 10/07 at 101 AA- 1,504,410
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds,
One Hundred Ninth Series, 5.375%, 7/15/27 1/07 at 101 Aaa 2,614,925
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 40.6%
3,970,000 Dormitory Authority of the State of New York, United Health Services, Inc.,
FHA Insured Mortgage Revenue Bonds, Series 1989, 7.350%, 8/01/29
(Pre-refunded to 2/01/00) 2/00 at 102 AAA 4,239,245
10,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Revenue Bonds, Series 1990A, 7.625%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 10,865,700
6,850,000 Dormitory Authority of the State of New York, Revenue Bonds, Department
of Health of the State of New YorkIssue, Series 1990, 7.700%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,451,636
4,400,000 Dormitory Authority of the State of New York Revenue Bonds, Upstate Community
Colleges, 1990A Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Baa1*** 4,771,184
2,190,000 Dormitory Authority of the State of New York, Vassar College, Revenue Bonds,
Series 1990, 7.250%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 2,366,164
Dormitory Authority of the State of New York, City University
System Consolidated, Second General Resolution Revenue Bonds,
Series 1990F:
2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,181,560
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,181,560
Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1989B:
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,390,471
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 376,719
2,600,000 Dormitory Authority of the State of New York, State University Educational
Facilities, Revenue Bonds, Series 1990B, 7.375%, 5/15/14
(Pre-refunded to 5/15/00) 5/00 at 102 Aaa 2,803,346
3,000,000 New York Local Government Assistance Corporation, Series 1991A Bonds,
7.250%, 4/01/18 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 3,310,530
8,000,000 New York Local Government Assistance Corporation, New York, Series 1991B,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 8,875,440
810,000 New York Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18
(Pre-refunded to 2/15/02) 2/02 at 102 A-*** 916,458
1,000,000 New York State Environmental Facilities Corporation, State Water Pollution
Control, Revolving Fund Revenue Bonds, Series 1991 A (New York City
Municipal Water Finance Authority Project), 7.250%, 6/15/10
(Pre-refunded to 6/15/01) 6/01 at 102 Aaa 1,109,960
4,560,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds
(New York City), 1990 Series A Refunding, 8.000%, 11/01/08
(Pre-refunded to 11/01/00) 11/00 at 102 Aaa 5,042,038
New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt
Hospital Center, FHA Insured Mortgage Revenue Bonds, 1989 Series B:
1,000,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,070,420
3,500,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 3,746,470
1,295,000 New York State Medical Care Facilities Finance Agency, Hospital Insured
Mortgage Revenue Bonds, 1990 Series A, 7.700%, 2/15/25
(Pre-refunded to 8/15/00) 8/00 at 102 Aaa 1,414,153
1,145,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1989 Series A General
Obligation Bonds, 7.800%, 2/15/19 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,186,964
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1991 Series A, 7.500%, 2/15/21
(Pre-refunded to 2/15/01) 2/01 at 102 Aaa $2,209,280
1,205,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,294,628
2,070,000 New York State Medical Care Facilities Finance Agency (Mental Health
Services), 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 8/00 at 102 AAA 2,266,981
4,600,000 New York State Thruway Authority, Local Highway and Bridge Service Contract
Bonds, Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 1/01 at 100 AAA 4,834,002
6,225,000 New York State Urban Development Corporation, Correctional Facilities Revenue
Bonds, Series G, 7.000%, 1/01/17 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,604,974
New York State Urban Development Corporation, Correctional Capital Facilities
Revenue Bonds, Series 1:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,280,040
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,066,980
5,655,000 New York State Urban Development Corporation, Project Revenue Bonds
(Onondaga County Convention Center), Series 1990, 7.875%, 1/01/20
(Pre-refunded to 1/01/01) 1/01 at 102 Aaa 6,271,621
Battery Park City Authority, Revenue Bonds, Series 1990:
7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) 5/99 at 102 Aaa 7,369,224
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) 5/99 at 100 Aaa 2,547,175
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities
1987 Service Contract Bonds, Series 4, 7.500%, 7/01/19
(Pre-refunded to 7/01/00) 7/00 at 101 1/2 Aaa 1,079,770
5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities
1987 Service Contract Bonds, Series 3, 7.500%, 7/01/16
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 5,964,585
1,000,000 Monroe County Water Authority (New York), Series 1991 B, Water System
Revenue Bonds, 6.500%, 8/01/16 (Pre-refunded to 8/01/01) 8/01 at 101 Aaa 1,085,430
990,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series B,
8.000%, 6/01/99 No Opt. Call Aaa 1,020,740
1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B,
7.250%, 10/01/06 10/99 at 101 1/2 Aaa 1,420,322
35,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C,
Fixed Rate Bonds, Subseries C-1, 6.625%, 8/01/12
(Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 39,075
500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A,
8.000%, 3/15/13 (Pre-refunded to 3/15/00) 3/00 at 101 1/2 Aaa 538,380
1,325,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D,
9.500%, 8/01/02 (Pre-refunded to 8/01/01) 8/01 at 101 1/2 Aaa 1,549,349
275,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E,
6.500%, 8/01/02 No Opt. Call Aaa 302,214
115,000 New York City, General Obligation Bonds, Fiscal 1995 Series F, 6.375%,
2/15/06 (Pre-refunded to 2/15/05) 2/05 at 101 A-*** 131,716
4,000,000 New York City, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20
(Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 4,473,920
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1990 Series A:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 AAA 2,086,220
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 A-*** 1,302,588
250,000 New York City Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19
(Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 269,605
5,700,000 New York City Transit Authority, Transit Facilities Revenue Bonds,
Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,082,470
2,165,000 Triborough Bridge and Tunnel Authority, New York, General Purpose
Revenue Bonds, Series O, 7.700%, 1/01/19 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa 2,221,398
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
Triborough Bridge and Tunnel Authority, Mortgage Recording Tax
Special Obligation Bonds, Series 1989 A:
$ 1,000,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa $1,052,980
1,000,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 1,052,980
2,230,000 City of Yonkers, New York, General Obligation School Bonds-1990-C,
7.375%, 12/01/09 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 2,445,395
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 2.6%
3,100,000 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1990 A (Consolidated Edison Company of
New York, Inc. Project), 7.500%, 7/01/25 (Alternative Minimum Tax) 7/99 at 101 A1 3,212,188
1,000,000 New York State Energy Research and Development Authority, Solid Waste
Disposal Revenue Bonds (New York State Electric and Gas Corporation
Project), 1993 Series A, 5.700%, 12/01/28 (Alternative Minimum Tax) 12/03 at 102 Aaa 1,056,770
1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds
(1985 Facility-Series B 1994), 6.125%, 7/01/13 (Alternative Minimum Tax) 7/04 at 102 Aaa 1,104,210
3,375,000 Long Island Power Authority, Electric System General Revenue Bonds,
Series 1998A, 5.125%, 12/01/22 6/08 at 101 Aaa 3,419,178
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.7%
9,825,000 New York State Environmental Facilities Corporation, State Water Pollution
Control Revolving Fund Revenue Bonds, Series 1990 A (New York City Municipal
Water Finance Authority Project), 7.500%, 6/15/12 6/00 at 102 Aaa2 10,631,435
1,035,000 New York State Environmental Facilities Corporation, State Water Pollution
Control Revolving Fund Revenue Bonds, Series 1994 D (Pooled Loan Issue),
6.900%, 5/15/15 11/04 at 102 Aaa 1,206,954
1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1993 Series A, 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 1,051,920
- ------------------------------------------------------------------------------------------------------------------------------------
$ 364,125,000 Total Investments - (cost $320,138,826) - 100.0% 344,811,131
=============
Temporary Investments in Short-Term Municipal Securities - 0.4%
$ 1,500,000 Syracuse Industrial Development Agency, Multi-Modal Interchangeable Rate
============= Civic Facility Revenue Bonds (Syracuse University), Variable Rate
Demand Bonds, 4.100%, 3/01/23+ VMIG-1 1,500,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.4%) (1,636,811)
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $344,674,320
====================================================================================================================
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
(DD) Security purchased on a delayed delivery basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
September 30, 1998
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 4.6%
$ 5,000,000 Dormitory Authority of the State of New York, New York University,
Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 7/01 at 102 Aaa $5,361,800
3,000,000 Dormitory Authority of the State of New York, City University System
Consolidated, Revenue Bonds, Series 1993F, 5.000%, 7/01/20 7/03 at 100 Aaa 3,002,910
1,400,000 Dormitory Authority of the State of New York, State University Educational
Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 5/08 at 100 Aaa 1,373,988
4,000,000 New York State Dormitory Authority, City University System Consolidated
Third General Resolution Revenue Bonds, Series 1997-1, 5.125%, 7/01/27 1/08 at 102 Aaa 4,050,920
4,360,000 New York State Dormitory Authority, Fordham University, Insured Revenue
Bonds, Series 1998, 5.000%, 7/01/28 7/08 at 101 Aaa 4,373,124
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 9.9%
1,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center,
FHA Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 2/06 at 102 Aaa 1,071,900
10,000,000 Dormitory Authority of the State of New York, The New York and Presbyterian
Hospital, FHA Insured Mortgage Hospital Revenue Bonds, Series 1998,
5.000%, 8/01/32 2/08 at 101 Aaa 9,975,000
5,000,000 Dormitory Authority of the State of New York, Hingland Hospital of Rochester,
FHA Insured Mortgage Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 8/08 at 102 Aaa 5,204,100
3,135,000 New York State Dormitory Authority, Southside Hospital, Series 1998,
Revenue Bonds, 5.000%, 2/15/25 2/08 at 101 1/2 Aaa 3,123,432
3,280,000 New York State Dormitory Authority, North Shore Health System Obligated
Group, North Shore University, Series 1998, 5.000%, 11/01/23 11/08 at 101 Aaa 3,268,225
12,000,000 New York State Medical Care Facilities Finance Agency, North Shore University
Hospital, Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 11/00 at 102 Aaa 13,079,880
2,355,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing
Home Insured Mortgage Revenue Bonds, 1989 Series A, 7.600%, 2/15/29 2/99 at 102 AA 2,434,411
1,250,000 New York City Health and Hospitals Corporation, Health System Bonds,
1993 Series A, 5.750%, 2/15/22 2/03 at 102 Aaa 1,322,963
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.3%
New York State Finance Agency, Housing Project Mortgage Revenue Bonds,
1996 Series A, Refunding:
1,970,000 6.100%, 11/01/15 5/06 at 102 Aaa 2,158,628
2,985,000 6.125%, 11/01/20 5/06 at 102 Aaa 3,265,530
1,000,000 New York State Housing Finance Agency, Insured Multifamily Mortgage Housing
Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 8/04 at 102 Aaa 1,089,290
10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage
Refunding Bonds (FHA Insured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19 6/01 at 102 AAA 10,728,800
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 1.0%
3,910,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series SS, 7.950%, 10/01/22 (Alternative Minimum Tax) 10/00 at 102 Aa2 4,135,803
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 1.7%
2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 Aaa 2,760,988
2,250,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A,
7.250%, 3/15/19 3/00 at 101 1/2 Aaa 2,391,975
45,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series I,
7.250%, 8/15/17 8/99 at 101 1/2 Aaa 47,005
1,500,000 Town of North Hempstead, Nassau County, New York, General Obligation
Refunding Serial Bonds, Refunding Serial Bonds-1998,
Series B, 4.750%, 3/01/18 3/08 at 101 Aaa 1,485,870
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited - 9.0%
$ 1,250,000 Dormitory Authority of the State of New York, Leake and Watts Services,
Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 7/04 at 102 Aaa $1,377,775
2,500,000 Dormitory Authority of the State of New York, Mental Health Services
Facilities Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 8/07 at 101 Aaa 2,531,050
1,530,000 Empire Development Corporation, New York State Urban Development
Corporation, Correctional Capital Facilities Revenue Bonds,
Series 6, 5.375%, 1/01/25 1/06 at 102 Aaa 1,596,739
4,860,000 New York State Dormitory Authority, Mental Health Services Facilities,
Series 1998A, 5.000%, 2/15/23 2/08 at 102 Aaa 4,842,747
3,640,000 New York Local Government Assistance Corporation (A Public Benefit
Corporation of the State of New York), Series 1993C, Refunding Bonds,
5.000%, 4/01/21 4/03 at 102 Aaa 3,642,985
2,250,000 New York State Environmental Facilities Corporation, Riverbank State Park,
Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4/07 at 100 Aaa 2,273,175
2,110,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 2/02 at 102 Aaa 2,288,654
3,175,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 2/05 at 102 Aaa 3,531,775
2,080,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding,
5.250%, 2/15/19 2/04 at 102 Aaa 2,114,819
6,500,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds,
Series 1998A, 4.750%, 4/01/28 4/08 at 101 Aaa 6,373,575
5,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds,
Series 1991B, 6.875%, 1/01/15 1/01 at 102 Aaa 5,409,650
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 7.9%
1,180,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds,
Series 1997C, 5.375%, 7/01/27 7/07 at 101 Aaa 1,236,156
2,625,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds,
Series 1997E, 5.000%, 7/01/21 7/07 at 101 Aaa 2,632,376
9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds,
Seventy-Third Series, 6.750%, 4/15/26 (Alternative Minimum Tax) 4/01 at 101 Aaa 9,627,210
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 Aaa 5,719,403
11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 Aaa 12,073,160
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 43.7%
1,150,000 Dormitory Authority of the State of New York, Judicial Facilities Lease
Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 11/06 at 101 Aaa 1,471,287
10,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds, Series 1990F,
7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 10,844,700
9,825,000 Dormitory Authority of the State of New York, State University Educational
Facilities Revenue Bonds, Series 1990C, 6.125%, 5/15/20
(Pre-refunded to 5/15/00) 5/00 at 100 Aaa 10,218,197
1,000,000 Dormitory Authority of the State of New York, Cooper Union, Insured
Revenue Bonds, Series 1990, 7.200%, 7/01/01 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,110,120
5,380,000 Dormitory Authority of the State of New York, State University Educational
Facilities Revenue Bonds, Series 1990C, 7.000%, 5/15/18
(Pre-refunded to 5/15/00) 5/00 at 102 Aaa 5,769,673
2,540,000 Dormitory Authority of the State of New York, Fordham University Insured
Revenue Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,742,184
5,000,000 New York State Housing Finance Agency, State University Construction
Refunding Bonds, 1986 Series A, 7.900%, 11/01/06 No Opt. Call Aaa 5,983,500
9,500,000 New York Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center, FHA Insured Mortgage Revenue Bonds, 1989 Series B, 7,450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 10,168,990
2,500,000 New York State Medical Care Facilities Finance Agency, Beth Israel Medical
Center (Main Campus), Project Revenue Bonds, 1990 Series A, 7.500%, 11/01/10
(Pre-refunded to 11/01/00) 11/00 at 102 Aaa 2,740,450
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 8,625,000 New York State Medical Care Facilities Finance Agency, The Mary Imogene
Bassett Hospital Project Revenue Bonds, 1991 Series A, 7.125%, 11/01/20
(Pre-refunded to 5/01/01) 5/01 at 102 Aaa $9,510,443
2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1994 Series E,
6.250%, 8/15/19 (Pre-refunded to 8/15/04) 8/04 at 102 Aaa 2,260,060
6,000,000 New York State Medical Care Facilities Finance Agency, New York
Hospital, FHA Insured Mortgage Revenue Bonds, 1994 Series A
(AMBAC Insured Series), 6.800%, 8/15/24
(Pre-refunded to 2/15/05) 2/05 at 102 Aaa 7,060,860
4,150,000 New York State Thruway Authority, General Revenue Bonds, Series C,
6.000%, 1/01/25 (Pre-refunded to 1/01/05) 1/05 at 102 Aaa 4,698,049
15,000,000 New York State Urban Development Corporation, Correctional Capital
Facilities Revenue Bonds, Series 1, 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 16,004,700
5,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds,
Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 6,081,680
County of Nassau, New York, General Obligation Refunding Bonds:
1,075,000 6.800% 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,182,694
1,065,000 6.800% 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,171,692
1,055,000 6.800% 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,160,690
1,045,000 6.800% 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,149,688
1,030,000 6.800% 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,133,185
The City of New York General Obligation Bonds, Fiscal 1991 Series B:
1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 Aaa 2,141,939
1,550,000 7.000%, 6/01/04 No Opt. Call Aaa 1,699,854
The City of New York General Obligation Bonds, Fiscal 1990 Series 1:
950,000 7.250%, 8/15/14 No Opt. Call Aaa 994,869
685,000 7.250%, 8/15/17 (Pre-refunded to 8/15/99) 8/99 at 101 1/2 Aaa 718,127
1,270,000 7.250%, 8/15/17 No Opt. Call Aaa 1,329,982
3,030,000 7.250%, 3/15/18 No Opt. Call Aaa 3,231,041
10,255,000 New York City Educational Construction Fund, Revenue Bonds, 1989
Series A, 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 10,786,106
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series A:
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 6,409,333
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,294,104
11,000,000 New York City Transit Authority, Transit Facilities Revenue Bonds,
Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 11,738,100
3,080,000 Suffolk County Water Authority, New York, Water System Revenue Bonds,
Series 1990, 7.100%, 6/01/10 (Pre-refunded to 6/01/99) 6/99 at 102 Aaa 3,217,953
9,635,000 Suffolk County Water Authority, New York, Water System Revenue Bonds,
Series 1991, 7.000%, 6/01/16 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 10,345,678
6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds,
Series R, 7.375%, 1/01/16 (Pre-refunded to 1/01/00) 1/00 at 101 1/2 Aaa 6,979,669
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds,
Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 3,257,730
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds,
Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 2,726,300
4,510,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special
Obligation Bonds, Series 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 4,748,940
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 11.9%
10,000,000 New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds, Series 1990 A (Consolidated Edison Company of New York,
Inc. Project), 7.500%, 7/01/25 (Alternative Minimum Tax) 7/99 at 101 A1 10,361,900
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 5,000,000 New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc.
Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 1/00 at 101 A1 $5,256,700
2,500,000 New York State Energy Research and Development Authority, Gas Facilities
Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax) 5/02 at 102 Aaa 2,746,425
2,250,000 New York State Energy Research and Development Authority, Gas Facilities
Revenue Bonds, Series C (The Brooklyn Union Gas Company Project),
5.600%, 6/01/25 (Alternative Minimum Tax) 7/03 at 102 Aaa 2,358,427
3,665,000 New York State Energy Research and Development Authority, Pollution Control
Revenue Bonds (Central Hudson Gas & Electric Corporation Project), Series C,
8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 A 3,765,567
New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Series C (Rochester Gas &
Electric Corporation Project):
1,595,000 8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 A- 1,638,080
5,000,000 8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 Aaa 5,137,650
3,000,000 New York State Energy Research and Development Authority, Pollution Control
Revenue Bonds (Central Hudson Gas & Electric Corporation Project),
1984 Series B, 7.375%, 10/01/14 10/99 at 103 Aaa 3,189,360
2,500,000 New York State Energy Research and Development Authority, Pollution Control
Revenue Bonds, Series 1992B (Rochester Gas & Electric Corporation Project),
6.500%, 5/15/32 (Alternative Minimum Tax) 5/02 at 102 Aaa 2,725,924
2,000,000 New York State Energy Research and Development Authority, Facilities
Revenue Bonds, Series 1992 A (Consolidated Edison Company of New York, Inc.
Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 1/01 at 101 Aaa 2,129,920
2,000,000 New York State Energy Research and Development Authority, Facilities
Revenue Bonds, Series 1992B (Consolidated Edison Company of New York,
Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) 12/01 at 101 Aaa 2,156,040
5,750,000 Long Island Power Authority, Electric System General Revenue Bonds,
Series 1998A, 5.125%, 12/01/22 6/08 at 101 Aaa 5,825,267
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.9%
2,115,000 Town of Clifton Park Water Authority (New York), Water System Revenue Bonds,
Series 1993, 5.000%, 10/01/26 10/03 at 102 Aaa 2,116,860
2,420,000 New York City Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1998 Series B, 5.125%, 6/15/30 6/07 at 101 Aaa 2,447,490
6,000,000 New York City Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 6/08 at 101 Aaa 5,870,700
5,000,000 Suffolk County Water Authority, New York, Water System Revenue Bonds,
Series 1994, 5.000%, 6/01/17 6/03 at 102 Aaa 5,054,750
- ------------------------------------------------------------------------------------------------------------------------------------
$ 367,805,000 Total Investments - (cost $359,879,341) - 97.9% 389,841,418
=============
Temporary Investments in Short-Term Municipal Securities - 0.3%
$ 1,100,000 New York State Energy Research and Development Authority, Pollution Control
============= (Niagara Mohawk Power Corporation), Variable Rate Demand Bonds,
4.100%, 3/01/27+ P-1 1,100,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 7,431,076
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $398,372,494
====================================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. Government or U.S. Government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the higher
of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Municipal Value Fund, Inc. (NVN)
September 30, 1998
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 11.7%
$ 10,000,000 Dormitory Authority of the State of New York, New York University, Insured
Revenue Bonds, Series 1991, 6.000%, 7/01/15 7/01 at 102 Aaa $10,723,600
3,920,000 Dormitory Authority of the State of New York, Rensselaer Polytechnic
Institute, Insured Revenue Bonds, Series 1991, 6.500%, 7/01/06 7/01 at 102 Aaa 4,262,412
6,000,000 Dormitory Authority of the State of New York, St. John's University,
New York, Insured Revenue Bonds, Series 1991, 6.875%, 7/01/11 7/01 at 102 Aaa 6,579,000
12,875,000 Dormitory Authority of the State of New York, Mount Sinai School of
Medicine, Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 7/01 at 102 Aaa 14,056,281
1,870,000 Dormitory Authority of the State of New York, Fordham University, Insured
Revenue Bonds, Series 1990, 7.200%, 7/01/15 7/00 at 102 Aaa 2,011,858
4,600,000 Dormitory Authority of the State of New York, City University System
Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 7/03 at 100 Aaa 4,604,462
4,500,000 Dormitory Authority of the State of New York, Ithaca College Insured
Revenue Bonds, Series 1998, 5.000%, 7/01/21 7/08 at 101 Aaa 4,513,545
8,440,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 7.000%, 7/01/14 7/00 at 102 Aaa 9,039,915
4,000,000 New York State Dormitory Authority, Fordham University, Insured Revenue
Bonds, Series 1998, 5.000%, 7/01/28 7/08 at 101 Aaa 4,012,040
1,000,000 Nassau County Industrial Development Agency, Civic Facilities Revenue
Bonds, Hofstra University Project, Series 1998, 5.000%, 7/01/23 7/08 at 102 Aaa 1,002,130
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 7.4%
Dormitory Authority of the State of New York, St. Vincent's Hospital and
Medical Center of New York, FHA Insured Mortgage Revenue Bonds,
Series 1991:
5,000,000 7.375%, 8/01/11 8/01 at 102 AAA 5,567,950
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,588,572
1,170,000 Dormitory Authority of the State of New York, Maimonides Medical Center,
FHA Insured Mortgage Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14 No Opt. Call Aaa 1,292,300
9,250,000 Dormitory Authority of the State of New York, The New York and Presbyterian
Hospital, FHA Insured Mortgage Hospital Revenue Bonds, Series 1998,
5.000%, 8/01/32 2/08 at 101 Aaa 9,226,875
5,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt
Hospital Center, FHA Insured Mortgage Revenue Bonds, 1989 Series A,
7.375%, 2/15/19 2/00 at 102 Aaa 5,857,830
10,755,000 New York State Medical Care Facilities Finance Agency, North Shore
University Hospital, Mortgage Project Revenue Bonds, 1990 Series A,
7.200%, 11/01/20 11/00 at 102 Aaa 11,722,842
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 6.5%
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
980,000 6.100%, 11/01/15 5/06 at 102 Aaa 1,073,835
3,980,000 6.125%, 11/01/20 5/06 at 102 Aaa 4,354,040
5,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds,
Series 1992A, 6.750%, 1/01/26 1/02 at 102 Aaa 5,503,800
4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage
Refunding Bonds (FHA Insured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19 6/01 at 102 AAA 4,291,520
15,000,000 Pass-Through Certificates of New York City, HDC Multifamily Housing,
Limited Obligation Bonds, Series 1991A, 6.500%, 2/20/19 11/03 at 100 Aaa 18,491,850
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Single Family - 3.2%
$ 9,820,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV,
7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 $10,518,398
2,070,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV,
7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aaa 2,223,180
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 43,
6.450%, 10/01/17 9/04 at 102 Aaa 1,639,860
2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series A,
6.875%, 4/01/17 10/98 at 100 Aaa 2,350,558
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 4.3%
1,200,000 Town of Brookhaven, Suffolk County, New York, Various Purposes Serial Bonds, 1991
Series B, 6.400%, 10/01/11 10/02 at 102 Aaa 1,327,824
City of Buffalo, New York, Refunding Serial Bonds-1991:
530,000 6.250%, 2/01/11 2/01 at 101 Aaa 562,632
760,000 6.250%, 2/01/13 2/01 at 101 Aaa 806,793
760,000 6.250%, 2/01/15 2/01 at 101 Aaa 806,094
105,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds,
Subseries C-1, 6.250%, 8/01/10 8/02 at 101 1/2 Aaa 114,584
60,000 The City of New York, General Obligation Bonds, 1992 Series C,
6.625%, 8/01/14 8/02 at 101 1/2 Aaa 66,557
3,100,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A,
7.250%, 3/15/19 3/00 at 101 1/2 Aaa 3,295,610
2,000,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series H,
5.125%, 8/01/25 8/08 at 101 Aaa 2,026,460
3,000,000 Town of North Hempstead, Nassau County, New York, General Obligation Refunding Serial
Bonds, 1998 Series B, 4.750%, 3/01/18 3/08 at 101 Aaa 2,971,740
3,500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1998,
4.875%, 7/01/23 7/08 at 101 Aaa 3,512,180
Rensselaer County, New York, General Obligation Serial Bonds, Series 1991:
960,000 6.700%, 2/15/16 No Opt. Call Aaa 1,194,710
960,000 6.700%, 2/15/17 No Opt. Call Aaa 1,200,605
960,000 6.700%, 2/15/18 No Opt. Call Aaa 1,204,493
960,000 6.700%, 2/15/19 No Opt. Call Aaa 1,210,637
960,000 6.700%, 2/15/20 No Opt. Call Aaa 1,214,832
747,000 6.700%, 2/15/21 No Opt. Call Aaa 949,362
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 14.7%
5,000,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 No Opt. Call Baa1 5,836,000
5,000,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured
Revenue Bonds, Series 1994, 6.000%, 7/01/23 7/04 at 102 Aaa 5,511,100
6,400,000 Empire Development Corporation, New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 1/06 at 102 Aaa 6,679,168
4,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21 2/02 at 100 Aaa 4,085,440
2,000,000 New York State Environmental Facilities Corporation, Riverbank State Park, Special
Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4/07 at 100 Aaa 2,020,600
5,625,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 2/02 at 102 Aaa 6,101,269
2,040,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19 8/99 at 102 Aaa 2,142,041
2,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 2/05 at 102 Aaa 2,502,833
1,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23 8/03 at 102 Aaa 1,021,040
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 1,720,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds, Series 1994,
5.700%, 4/01/14 4/04 at 102 Aaa $1,840,710
1,000,000 Battery Park City Authority, Senior Revenue Bonds, Series 1993A,
5.250%, 11/01/17 11/03 at 102 Aaa 1,028,830
6,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 1998A,
4.750%, 4/01/28 4/08 at 101 Aaa 5,883,300
12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991A,
6.625%, 1/01/17 1/01 at 102 Aaa 12,919,080
Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B:
14,000,000 7.100%, 1/01/10 1/01 at 102 Aaa 15,212,680
3,500,000 6.875%, 1/01/15 1/01 at 102 Aaa 3,786,755
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 6.1%
3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1998A,
5.000%, 7/01/23 7/08 at 101 Aaa 3,009,030
5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series K,
6.250%, 7/01/11 7/02 at 101 1/2 Aaa 5,464,600
7,900,000 Monroe County Airport Authority, Greater Rochester International Airport, Revenue Bonds, Series 1989,
7.250%, 1/01/19 (Alternative Minimum Tax) 1/00 at 102 Aaa 8,361,834
3,800,000 New York City Industrial Development Agency, Amended and Restated Industrial Development Revenue
Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15
(Alternative Minimum Tax) 11/04 at 102 Aaa 4,140,252
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth Series,
6.500%, 11/01/26 (Alternative Minimum Tax) 11/01 at 101 AA- 10,763,300
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 31.7%
5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities, Revenue Bonds,
Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 5,381,700
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds,
Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 1,072,430
10,930,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds, Series 1991,
6.250%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 11,869,543
5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities, Revenue Bonds,
Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 5,599,300
10,380,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue Bonds, Series
1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,206,248
3,560,000 New York State Dormitory Authority, City University System Consolidated Second General
Resolution Revenue Bonds, Series 1990-C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00)7/00 at 102 Aaa 3,831,379
8,945,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center,
FHA Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 9,574,907
7,815,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19
(Pre-refunded to 8/15/99) 8/99 at 102 Aaa 8,238,026
5,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital, FHA Insured Mortgage
Revenue Bonds, 1994 Series A (AMBAC Insured Series), 6.800%, 8/15/24
(Pre-refunded to 2/15/05) 2/05 at 102 Aaa 5,884,050
State of New York, Serial Bonds:
4,055,000 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 4,465,082
4,055,000 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 4,465,082
5,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 5,528,800
1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996-A,
6.000%, 7/01/21 (Pre-refunded to 7/01/06) 7/06 at 102 Aaa 1,151,540
5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue Bonds (Hofstra University
Project-Series 1991), 6.750%, 8/01/11 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 5,505,650
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 4,895,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds,
Subseries C-1, 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa $5,399,772
4,940,000 The City of New York, General Obligation Bonds, 1992 Series C, 6.625%, 8/01/14 (Pre-refunded
to 8/01/02) 8/02 at 101 1/2 Aaa 5,515,115
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A,
7.250%, 3/15/18 3/00 at 101 1/2 Aaa 1,599,525
3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B,
7.000%, 10/01/19 10/99 at 100 Aaa 3,097,170
New York City Educational Construction Fund, Revenue Bonds, 1989 Series A:
1,700,000 7.000%, 10/01/06 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 1,785,952
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 13,147,375
3,200,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds,
Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 3,450,944
5,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal
1991 Series C, 7.000%, 6/15/16 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 5,497,900
2,780,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990 (Livingston Plaza
Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 2,966,538
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds, Series 1991A
(The American Museum of Natural History), 6.900%, 4/01/21
(Pre-refunded to 4/01/01) 4/01 at 102 Aaa 5,479,050
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds, Series 1991A
(The Museum of Modern Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02) 1/02 at 102 Aaa 5,531,900
County of Suffolk, New York, Public Improvement Bonds, 1991 Series A:
790,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 867,776
745,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 818,345
720,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 790,884
730,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 801,869
735,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 807,361
250,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 274,613
245,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 269,120
245,000 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 269,120
240,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 263,628
County of Suffolk, New York, Public Improvement Bonds, 1991 Series B:
265,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 291,089
265,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 291,089
270,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 296,582
275,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 302,074
280,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 307,566
275,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 302,074
280,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 307,566
285,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 313,058
17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T,
7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 19,569,381
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 10.0%
13,275,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk
County Issue), Series 1991B, 7.000%, 4/15/16 4/01 at 102 Aaa 14,503,734
14,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue Bonds,
Series 1991 A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax) 1/00 at 101 A1 14,718,760
11,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities Revenue
Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax) 5/02 at 102 Aaa 12,084,270
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 3,000,000 New York State Energy Research and Development Authority, Pollution Control Refunding Revenue
Bonds (Niagara Mohawk Power Corporation Project), 1991 Series A,
6.625%, 10/01/13 10/01 at 102 Aaa $3,272,670
1,000,000 New York State Energy Research and Development Authority, Adjustable Rate Pollution Control
Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A,
6.150%, 7/01/26 (Alternative Minimum Tax) 7/05 at 102 Aaa 1,105,880
2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992 A
(Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27
(Alternative Minimum Tax) 1/01 at 101 Aaa 2,662,400
3,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992B
(Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax) 12/01 at 101 Aaa 3,773,070
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.2%
5,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control Revolving Fund
Revenue Bonds, Series 1991 B (Pooled Loan Issue), 7.100%, 9/15/11 9/00 at 102 Aaa 5,410,050
1,300,000 New York State Environmental Facilities Corporation, Water Facilities Revenue Bonds, Series 1992
(The New Rochelle Water Company Project), 6.400%, 12/01/24
(Alternative Minimum Tax) 6/02 at 102 Aaa 1,422,044
8,500,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue Bonds,
Fiscal 1998 Series B, 5.125%, 6/15/30 6/07 at 101 Aaa 8,596,560
1,000,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal
1998 Series D, 4.750%, 6/15/25 6/08 at 101 Aaa 978,450
- ------------------------------------------------------------------------------------------------------------------------------------
$ 474,692,000 Total Investments - (cost $468,885,630) - 98.8% 513,199,689
=============
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 700,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B, Variable Rate Demand Bonds,
============= 3.950%, 8/15/05+ VMIG-1 700,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 5,717,567
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $519,617,256
====================================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. Government or U.S. Government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the higher
of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
September 30, 1998
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 20.8%
$ 1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured
Revenue Bonds, Series 1991, 6.750%, 7/01/15 7/01 at 102 Aaa $1,091,750
Dormitory Authority of the State of New York, Hamilton College,
Insured Revenue Bonds, Series 1991:
2,000,000 6.500%, 7/01/11 7/01 at 102 Aaa 2,172,220
7,750,000 6.500%, 7/01/21 7/01 at 102 Aaa 8,410,998
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1990B, 7.000%, 5/15/16 5/00 at 102 Aaa 1,068,970
7,250,000 Dormitory Authority of the State of New York, The New York Public Library, Insured
Revenue Bonds, Series 1992A, 5.875%, 7/01/22 7/02 at 102 Aaa 7,813,470
7,515,000 Dormitory Authority of the State of New York, Marist College, Insured Revenue Bonds,
Series 1992, 6.000%, 7/01/22 7/02 at 102 Aaa 8,164,296
1,000,000 Dormitory Authority of the State of New York, City University System, Consolidated
Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 No Opt. Call Aaa 1,138,960
1,970,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial
Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17 7/04 at 102 Aaa 2,135,106
1,000,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue
Bonds, Series 1994, 5.500%, 7/01/23 7/04 at 102 Aaa 1,053,060
3,700,000 Dormitory Authority of the State of New York, City University System Consolidated Third
General Resolution Revenue Bonds, 1994 Series 1, 6.300%, 7/01/24 7/04 at 102 Aaa 4,172,712
1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence College, Revenue Bonds,
Series 1995, 6.000%, 7/01/24 7/05 at 102 Aaa 1,375,904
1,250,000 Dormitory Authority of The State of New York, St. John University, Insured Revenue
Bonds, Series 1996, 5.600%, 7/01/16 7/06 at 102 Aaa 1,351,438
4,625,000 Dormitory Authority of the State of New York, Barnard College, Insured Revenue Bonds,
Series 1996, 5.250%, 7/01/26 7/07 at 101 Aaa 4,768,468
9,250,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds,
Series 1997, 5.250%, 7/01/26 7/07 at 102 Aaa 9,536,935
2,000,000 Dormitory Authority of the State of New York, City University System Consolidated
Third General Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 7/08 at 102 Aaa 2,006,020
5,750,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1998A, 4.750%, 5/15/25 5/08 at 100 Aaa 5,643,165
3,835,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 7/00 at 102 Aaa 4,107,592
7,000,000 New York State Dormitory Authority, Fordham University, Insured Revenue Bonds,
Series 1998, 5.000%, 7/01/28 7/08 at 101 Aaa 7,021,070
3,215,000 County of Monroe Industrial Development Agency (Monroe County, New York), 1986
Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place
Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax) 12/99 at 103 Aaa 3,426,579
4,000,000 Nassau County Industrial Development Agency, Civic Facilities Revenue Bonds,
Hofstra University Project, Series 1998, 5.000%, 7/01/23 7/08 at 102 Aaa 4,008,520
5,000,000 The Trust for Cultural Resources of The City of New York, New York Botanical Garden
Recreational Facilities Improvements, 5.800%, 7/01/26 7/06 at 101 Aaa 5,444,500
7,250,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds,
Series 1996A (The Museum of Modern Art), 5.500%, 4/01/21 1/07 at 102 Aaa 7,732,270
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Educational and Civic Organizations (continued)
$ 14,500,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds,
Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 4/07 at 101 Aaa $15,633,320
4,775,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (Trinity
Episcopal School Corporation Project), 5.250%, 6/15/27 6/07 at 102 Aaa 4,922,643
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care Facilities - 4.1%
5,000,000 New York State Dormitory Authority, North Shore Health System Obligated Group,
North Shore University Hospital at Forest Hills, Series 1998,
5.000%, 11/01/23 11/08 at 101 Aaa 4,982,050
3,315,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA Insured Mortgage Revenue Bonds, 1989 Series A, 7.250%, 2/15/09 2/99 at 102 Aaa 3,424,461
5,350,000 New York State Medical Care Facilities Finance Agency, Sisters of Charity Hospital of
Buffalo Project, Revenue Bonds, 1991 Series A, 6.625%, 11/01/18 11/01 at 102 Aaa 5,827,434
1,500,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23 8/02 at 102 AA 1,642,140
1,000,000 New York State Medical Care Facilities Finance Agency, St. Mary's Hospital (Rochester),
Mortgage Project Revenue Bonds, 1994 Series A Refunding, 6.200%, 11/01/14 11/03 at 102 Aaa 1,107,130
2,000,000 New York State Medical Care Facilities Finance Agency, Health Center Projects Revenue
Bonds (Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/19 11/05 at 102 Aaa 2,309,180
3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore Medical Center,
FHA Insured Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25 2/05 at 102 Aaa 3,197,670
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 8.2%
1,690,000 New York State Finance Agency, Housing Project Mortgage Revenue Refunding Bonds,
1996 Series A, 6.125%, 11/01/20 5/06 at 102 Aaa 1,848,826
1,600,000 New York State Housing Finance Agency, Insured Multi-Family Mortgage Housing
Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 8/04 at 102 Aaa 1,742,864
New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A:
5,515,000 6.700%, 1/01/12 1/02 at 102 Aaa 6,073,063
17,995,000 6.750%, 1/01/26 1/02 at 102 Aaa 19,808,176
12,475,000 Pass-Through Certificates of New York City HDC Multifamily Housing, Limited Obligation
Bonds, Series 1991A, 6.500%, 2/20/19 11/03 at 100 Aaa 15,379,055
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.6%
985,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV,
7.250%, 10/01/07 (Alternative Minimum Tax) 10/01 at 102 Aaa 1,053,664
2,000,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 33,
5.400%, 10/01/17 3/04 at 102 Aaa 2,066,520
- ------------------------------------------------------------------------------------------------------------------------------------
Long Term Care - 0.4%
2,000,000 Dormitory Authority of the State of New York, United Cerebral Palsy of New York City, Inc.,
Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24 7/06 at 102 Aaa 2,127,900
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 0.7%
1,000,000 County of Erie, New York, General Obligation Bonds, 1995 Series B,
5.625%, 6/15/20 6/05 at 101 1/2 Aaa 1,068,070
200,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1,
6.625%, 8/01/15 8/02 at 101 1/2 Aaa 221,100
360,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H,
7.100%, 2/01/10 2/02 at 101 1/2 Aaa 398,999
525,000 City of Yonkers, New York, General Obligation Serial Bonds, Series 1992-A,
6.500%, 2/15/07 2/02 at 102 Aaa 576,613
1,390,000 City of Yonkers, New York, General Obligation Serial Bonds, Series 1992-B,
6.500%, 2/15/07 2/02 at 102 Aaa 1,536,673
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited - 19.1%
$ 5,375,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured
Revenue Bonds, Series 1994, 6.000%, 7/01/23 7/04 at 102 Aaa $5,924,433
2,200,000 Dormitory Authority of the State of New York, Mental Health Services, Facilities
Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 2/06 at 102 Aaa 2,224,354
8,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement
Revenue Bonds, Series 1998D, 5.000%, 2/15/23 8/08 at 101 Aaa 8,017,280
8,000,000 New York Local Government Assistance Corporation, Series 1993 B, Refunding Bonds,
5.000%, 4/01/23 4/04 at 100 Aaa 8,005,680
4,500,000 New York Local Government Assistance Corporation, Series 1997B, Refunding Bonds,
4.875%, 4/01/20 4/08 at 101 Aaa 4,482,180
New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A:
7,495,000 6.375%, 8/15/10 2/02 at 102 Aaa 8,162,580
15,675,000 6.375%, 8/15/17 12/02 at 102 Aaa 17,115,376
5,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement, Revenue Refunding Bonds, 1993 Series F, 5.250%, 2/15/19 2/04 at 102 Aaa 5,337,885
3,000,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds,
Series 1994, 5.700%, 4/01/14 4/04 at 102 Aaa 3,210,540
15,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 Service Contract Bonds,
Series 5, 6.500%, 7/01/16 7/01 at 102 Aaa 16,279,350
24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B,
6.875%, 1/01/15 1/01 at 102 Aaa 25,966,320
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 8.9%
3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Revenue Bonds,
Series 1995, 5.750%, 1/01/25 1/05 at 101 Aaa 3,224,040
3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996A,
6.000%, 7/01/16 7/06 at 102 Aaa 3,326,730
6,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series 1998B,
4.750%, 7/01/26 7/08 at 101 Aaa 5,886,120
3,500,000 Monroe County Airport Authority, Greater Rochester International Airport, Revenue Bonds,
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 1/00 at 102 Aaa 3,704,610
2,150,000 New York City Industrial Development Agency, Amended and Restated Industrial
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax) 11/04 at 102 Aaa 2,342,511
1,000,000 Niagara Frontier Transportation Authority (Greater Buffalo International Airport), Airport
Revenue Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) 4/04 at 102 Aaa 1,105,030
5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-First Series,
6.500%, 1/15/26 1/01 at 101 Aaa 5,328,300
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth Series,
6.500%, 11/01/26 (Alternative Minimum Tax) 11/01 at 101 Aaa 10,783,500
5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-First Series,
Revenue Bonds, 6.500%, 1/15/26 1/01 at 101 Aaa 5,328,300
7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series X,
6.500%, 1/01/19 1/02 at 101 1/2 Aaa 7,621,670
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 23.5%
3,520,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16 No Opt. Call Aaa 4,503,418
6,450,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 6,994,832
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 10,000,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa $10,724,300
3,000,000 Dormitory Authority of the State of New York, State University Educational Facilities,
Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 3,359,580
1,620,000 New York State Dormitory Authority, City University System, Consolidated Second General
Resolution Revenue Bonds, Series 1990-C, 7.000%, 7/01/14
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 1,743,493
5,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/10
(Pre-refunded to 2/15/02) 2/02 at 102 Aaa 5,505
1,030,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center, FHA Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,102,533
4,000,000 New York State Thruway Authority, General Revenue Bonds, Series A,
5.750%, 1/01/19 (Pre-refunded to 1/01/02) 1/02 at 102 Aaa 4,319,240
1,000,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds,
Series G, 7.250%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,064,070
3,100,000 New York State Urban Development Corporation, Correctional Capital Facilities Revenue
Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 3,307,638
4,825,000 Power Authority of the State of New York, General Purpose Bonds, Series Z,
6.500%, 1/01/19 (Pre-refunded to 1/01/02) 1/02 at 102 Aaa 5,319,997
5,000,000 Power Authority of the State of New York, General Purpose Bonds, Series Y,
6.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 100 Aaa 5,254,350
1,980,000 Town of Clifton Park, Water Authority (New York), Water System Revenue Bonds, 1991
Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 2,208,788
24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series J,
6.500%, 7/01/18 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 26,919,298
County of Nassau, New York, General Obligation Serial Bonds:
1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,548,856
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,394,228
1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,642,228
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,421,890
1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,098,480
19,800,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1,
6.625%, 8/01/15 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 22,105,116
2,140,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.100%, 2/01/10
(Pre-refunded to 2/01/02) 2/02 at 101 1/2 Aaa 2,393,268
2,000,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 2,077,780
1,090,000 New York City, Municipal Water Finance Authority, Water and Sewer Revenue Bonds,
Fiscal 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01) 6/01 at 101 Aaa 1,186,934
4,700,000 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds, Series 1992,
6.125%, 10/01/19 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 5,199,750
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S,
7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 2,714,775
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T,
7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 3,271,560
5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series W,
6.750%, 1/01/22 (Pre-refunded to 1/01/02) 1/02 at 101 1/2 Aaa 6,413,292
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 8.8%
10,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1989 C (Consolidated Edison Company of New York, Inc. Project)
7.250%, 11/01/24 (Alternative Minimum Tax) 11/98 at 101 A1 10,128,500
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 5,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1989 C (Consolidated Edison Company of New York, Inc. Project)
7.250%, 11/01/24 (Alternative Minimum Tax) 11/98 at 101 Aaa $5,064,500
6,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities Revenue
Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax) 5/02 at 102 Aaa 6,589,140
1,500,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 7/03 at 102 Aaa 1,572,285
12,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax) 5/02 at 102 Aaa 13,084,440
9,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax) 12/01 at 101 Aaa 9,702,180
1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility,
Series B 1994), 7.250%, 7/01/11 (Alternative Minimum Tax) No Opt. Call Aaa 2,088,356
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.7%
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1992 Series A:
8,410,000 6.750%, 6/15/16 6/01 at 101 Aaa 9,088,014
9,770,000 6.250%, 6/15/21 6/01 at 100 Aaa 10,350,630
1,000,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995,
5.650%, 5/01/26 5/06 at 102 Aaa 1,078,600
- ------------------------------------------------------------------------------------------------------------------------------------
$ 502,415,000 Total Investments - (cost $496,386,101) - 98.8% 542,010,187
=============
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 500,000 New York City Municipal Water Finance, Water and Sewer System Revenue Bonds,
============= Series 1994 G, Variable Rate Demand Bonds, 4.050%, 6/15/24+ VMIG-1 500,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 6,285,289
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $548,795,476
====================================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. Government or U.S. Government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
September 30, 1998
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 22.2%
$ 2,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue Bonds,
Series 1991, 6.000%, 7/01/15 7/01 at 102 Aaa $2,144,720
2,500,000 Dormitory Authority of the State of New York, The New York Public Library, Insured Revenue
Bonds, Series 1992A, 5.875%, 7/01/22 7/02 at 102 Aaa 2,694,300
2,000,000 Dormitory Authority of the State of New York, City University System Consolidated,
Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 No Opt. Call Aaa 2,277,920
2,450,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured
Revenue Bonds, Series 1994A, 5.000%, 7/01/21 7/04 at 102 Aaa 2,434,982
1,000,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial
Hospital Revenue Bonds, Series 1994, 5.500%, 7/01/21 7/04 at 102 Aaa 1,044,460
2,000,000 Dormitory Authority of the State of New York, St. John University, Insured Revenue
Bonds, Series 1996, 5.600%, 7/01/16 7/06 at 102 Aaa 2,162,300
3,000,000 Dormitory Authority of the State of New York, New School for Social Research, Insured
Revenue Bonds, Series 1997, 5.750%, 7/01/26 7/07 at 102 Aaa 3,296,610
7,500,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds,
Series 1998, 5.000%, 7/01/21 7/08 at 101 Aaa 7,522,575
3,165,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 7/00 at 102 Aaa 3,389,968
2,000,000 County of Monroe, Industrial Development Agency, Civic Facility Revenue Bonds
(Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20 6/05 at 102 Aaa 2,217,300
5,460,000 The Trust for Cultural Resources of The City of New York, New York, Botanical Garden
Recreational Facilities Improvements, 5.800%, 7/01/26 7/06 at 101 Aaa 5,945,393
1,250,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds,
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 1/07 at 102 Aaa 1,333,150
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A
(American Museum of Natural History), 5.650%, 4/01/22 4/07 at 101 Aaa 5,390,800
1,000,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (USTA National
Tennis Center Incorporated Project), 6.375%, 11/15/14 11/04 at 102 Aaa 1,129,230
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 13.9%
3,000,000 Dormitory Authority of the State of New York, Ellis Hospital, FHA Insured Mortgage
Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25 8/05 at 102 Aaa 3,158,820
4,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA Insured
Mortgage, Revenue Bonds, Series 1996A, 5.750%, 8/01/14 2/06 at 102 Aaa 4,373,480
1,500,000 New York State Dormitory Authority, Vassar Brothers Hospital, Series 1997,
5.250%, 7/01/17 1/08 at 102 Aaa 1,553,430
2,685,000 New York State Dormitory Authority, North Shore Health System Obligated Group, North Shore
University Hospital at Forest Hills, Series 1998, 5.000%, 11/01/23 11/08 at 101 Aaa 2,675,361
2,635,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital),
6.375%, 8/15/29 8/02 at 102 AAA 2,864,377
2,500,000 New York State Medical Care Facilities Finance Agency, South Nassau Communities
Hospital Project Revenue Bonds, 1992 Series A, 6.125%, 11/01/11 11/02 at 102 Aaa 2,747,350
4,395,000 New York State Medical Care Facilities Finance Agency, FHA Insured Mortgage Project
Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 8/05 at 102 Aa 4,840,697
4,700,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage
Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 2/04 at 102 Aaa 4,820,414
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily - 2.4%
$ 2,240,000 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A
Refunding, 6.125%, 11/01/20 5/06 at 102 Aaa $2,450,515
2,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A,
6.700%, 1/01/12 1/02 at 102 Aaa 2,202,380
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.0%
2,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 30-B,
6.650%, 10/01/25 (Alternative Minimum Tax) 3/03 at 102 Aa 2,681,200
1,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 30-C-1,
5.850%, 10/01/25 (Alternative Minimum Tax) 10/03 at 102 Aa2 1,252,440
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 10.7%
210,000 County of Nassau, New York, General Obligation Serial Bonds, Serial General Improvement
Bonds, Series 1993-H, 5.500%, 6/15/16 No Opt. Call Aaa 230,693
1,500,000 County of Nassau, New York, General Obligation Serial Bonds, Serial General
Improvement Bonds, Series O, 5.700%, 8/01/13 8/04 at 103 Aaa 1,632,825
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E,
8.000%, 8/01/05 No Opt. Call Aaa 4,949,760
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series I and J,
6.250%, 4/15/07 No Opt. Call Aaa 4,606,640
2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant Serial Bonds,
Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) No Opt. Call Aaa 2,829,468
City of Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds, 1994:
1,000,000 7,500%, 3/01/13 No Opt. Call Aaa 1,319,460
2,000,000 6.900%, 3/01/22 3/04 at 102 Aaa 2,302,220
2,750,000 City of Yonkers, New York, Refunding Serial Bonds, 1993-C,
5.500%, 9/01/09 9/03 at 102 Aaa 2,946,405
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 6.1%
5,250,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement
Revenue Bonds, Series 1998D, 5.000%, 2/15/23 8/08 at 101 Aaa 5,261,340
2,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement
Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 12/02 at 102 Aaa 2,183,780
2,000,000 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 1995A,
6.250%, 4/01/06 4/05 at 102 Aaa 2,284,500
1,900,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds,
Series 1993A Refunding, 5.250%, 1/01/14 No Opt. Call Aaa 2,041,740
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 5.9%
4,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997A,
5.625%, 7/01/27 7/07 at 101 1/2 Aaa 4,865,760
1,800,000 Monroe County Airport Authority, Greater Rochester International Airport, Revenue
Refunding Bonds, Series 1993, 5.375%, 1/01/19 (Alternative Minimum Tax) 1/03 at 102 Aaa 1,837,170
2,000,000 New York City Industrial Development Agency, Amended and Restated Industrial
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax) 11/04 at 102 Aaa 2,179,080
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Eighty-Fourth Series,
5.875%, 7/15/16 (Alternative Minimum Tax) 1/03 at 101 Aaa 2,628,775
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 19.7%
2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities,
Revenue Bonds, Series 1995A, 6.000%, 5/15/22 ( Pre-refunded to 5/15/03) 5/03 at 102 Aaa 2,774,850
1,000,000 Dormitory Authority of the State of New York, Colgate University, Insured Revenue Bonds,
Series 1991A, 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,092,450
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 6,855,000 Dormitory Authority of the State of New York, City University System Consolidated
Third General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24
(Pre-refunded to 7/01/04) 7/04 at 102 Aaa $7,987,446
1,335,000 New York State Dormitory Authority, City University System Consolidated Second
General Resolution Revenue Bonds, Series 1990-C, 7.000%, 7/01/14
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 1,436,767
100,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center, FHA Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 107,042
7,800,000 New York State Medical Care Facilities Finance Agency, New York
Hospital, FHA Insured Mortgage Revenue Bonds, 1994 Series A
(AMBACInsured Series), 6.800%, 8/15/24
(Pre-refunded to 2/15/05) 2/05 at 102 Aaa 9,179,118
1,900,000 New York State Thruway Authority, General Revenue Bonds, Series C, 6.000%, 1/01/25
(Pre-refunded to 1/01/05) 1/05 at 102 Aaa 2,150,914
2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 2,211,520
1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1994A,
6.375%, 7/01/18 (Pre-refunded to 7/01/04) 7/04 at 101 1/2 Aaa 1,141,990
1,700,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series A,
6.100%, 7/01/21 (Pre-refunded to 7/01/06) 7/06 at 102 Aaa 1,968,889
2,385,000 The City of New York, General Obligation Bonds, 1992 Series C, 6.625%, 8/01/14
(Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,662,662
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series F,
6.000%, 8/01/19 2/99 at 101 1/2 Aaa 1,535,160
100,000 County of Niagara, New York, Public Improvement Serial Bonds, Series 1993,
5.750%, 8/15/20 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 105,774
3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T,
6.000%, 1/01/22 (Pre-refunded to 1/01/01) 1/01 at 100 Aaa 3,993,306
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 13.4%
2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas
Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax) 5/02 at 102 Aaa 2,745,475
2,750,000 New York State Energy Research and Development Authority, Gas Facilities Revenue
Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax) 7/03 at 102 Aaa 2,882,523
6,100,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax) 5/02 at 102 Aaa 6,651,257
2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Pollution
Control Revenue Bonds (New York State Electric and Gas Corporation Project),
1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 7/05 at 102 Aaa 2,764,700
2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax) 12/01 at 101 Aaa 2,695,050
1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985
Facility - Series B 1994), 6.125%, 7/01/13 (Alternative Minimum Tax) 7/04 at 102 Aaa 1,286,405
6,875,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A,
5.125%, 12/01/22 6/08 at 101 Aaa 6,964,994
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 2.5%
$ 2,000,000 New York City, New York, Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 6/05 at 101 Aaa $2,177,860
2,500,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1993 Refunding,
5.100%, 6/01/12 No Opt. Call Aaa 2,682,175
- ------------------------------------------------------------------------------------------------------------------------------------
$ 176,070,000 Total Investments - (cost $175,460,503) - 98.8% 191,902,115
=============
Temporary Investments in Short-Term Municipal Securities - 0.2%
$ 400,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, 1998 Series C,
============= Tax-Exempt Adjustable Rate Bonds, 3.950%, 5/01/28+ VMIG-1 400,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 2,003,717
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $194,305,832
====================================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. Government or U.S. Government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the higher
of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
September 30, 1998
<CAPTION>
New York New York Insured
New York Performance Investment New York New York New York
Value Plus Quality Select Quality Quality Income Premium Income
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments in municipal securities,
at market value (note 1) $154,712,035 $344,811,131 $389,841,418 $513,199,689 $542,010,187 $191,902,115
Temporary investments in short-term
municipal securities, at amortized
cost, which approximates market
value (note 1) 700,000 1,500,000 1,100,000 700,000 500,000 400,000
Receivables:
Interest 2,412,512 6,044,635 7,207,790 8,653,752 8,707,559 2,827,478
Investments sold 387,600 1,365,000 3,070,000 -- -- --
Other assets 10,118 35,893 23,703 30,101 32,899 13,926
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 158,222,265 353,756,659 401,242,911 522,583,542 551,250,645 195,143,519
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 273,126 1,313,506 934,742 507,123 55,633 17,561
Payable for investments purchased -- 6,051,292 -- -- -- --
Accrued expenses:
Management fees (note 6) 76,135 180,187 207,828 269,698 284,039 102,388
Other 129,289 164,563 195,666 195,046 182,506 142,015
Preferred share dividends payable N/A 47,999 25,729 87,772 75,273 10,696
Common share dividends payable 657,736 1,324,792 1,506,452 1,906,647 1,857,718 565,027
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,136,286 9,082,339 2,870,417 2,966,286 2,455,169 837,687
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $157,085,979 $344,674,320 $398,372,494 $519,617,256 $548,795,476 $194,305,832
====================================================================================================================================
Preferred shares, at liquidation value N/A $104,300,000 $120,000,000 $150,000,000 $170,000,000 $ 65,000,000
====================================================================================================================================
Preferred shares outstanding N/A 4,172 4,800 6,000 6,800 2,600
====================================================================================================================================
Common shares outstanding 15,120,364 14,802,145 17,516,878 23,110,875 23,816,900 8,248,566
====================================================================================================================================
Net asset value per Common share
outstanding (net assets less
Preferred shares at liquidation
value, divided by Common
shares outstanding) $ 10.39 $ 16.24 $ 15.89 $ 15.99 $ 15.90 $ 15.68
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year Ended September 30, 1998
<CAPTION>
New York New York Insured
New York Performance Investment New York New York New York
Value Plus Quality Select Quality Quality Income Premium Income
<S> <C> <C> <C> <C> <C> <C>
Investment Income (note 1) $ 9,462,613 $22,037,295 $24,994,013 $31,557,386 $31,595,767 $10,373,279
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 931,607 2,184,956 2,520,830 3,263,170 3,430,243 1,228,928
Preferred shares - auction fees N/A 260,749 300,001 375,001 424,999 162,502
Preferred shares - dividend
disbursing agent fees N/A 29,999 19,998 19,998 29,999 19,998
Shareholders' servicing agent
fees and expenses 56,024 53,360 45,466 46,293 45,798 17,022
Custodian's fees and expenses 44,310 63,992 67,348 80,007 81,568 47,045
Directors' fees and expenses (note 6) 1,401 3,107 3,593 4,658 4,892 1,701
Professional fees 16,973 18,040 18,208 18,533 18,603 17,960
Shareholders' reports - printing
and mailing expenses 64,676 90,280 99,038 122,895 129,104 53,007
Stock exchange listing fees 24,908 24,911 24,999 33,357 32,573 16,170
Investor relations expense 15,924 29,878 32,938 41,071 42,812 15,181
Portfolio insurance expense -- -- 105,418 132,630 27,866 20,575
Other expenses 8,655 23,309 26,535 31,353 31,635 17,073
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 1,164,478 2,782,581 3,264,372 4,168,966 4,300,092 1,617,162
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,298,135 19,254,714 21,729,641 27,388,420 27,295,675 8,756,117
- ------------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) from Investments
Net realized gain from investment
transactions (notes 1 and 4) 1,468,661 2,099,484 1,933,637 1,321,723 989,837 794,190
Net change in unrealized appreciation
or depreciation of investments 1,486,634 (1,976,859) (428,616) 1,048,429 5,915,060 5,335,299
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 2,955,295 122,625 1,505,021 2,370,152 6,904,897 6,129,489
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations $11,253,430 $19,377,339 $23,234,662 $29,758,572 $34,200,572 $14,885,606
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
New York Value New York Performance Plus New York Investment Quality
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/98 9/30/97 9/30/98 9/30/97
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment income $ 8,298,135 $ 9,296,198 $ 19,254,714 $ 19,742,873 $ 21,729,641 $ 22,410,376
Net realized gain from investment
transactions (notes 1 and 4) 1,468,661 2,270,242 2,099,484 885,201 1,933,637 176,218
Net change in unrealized appreciation
or depreciation of investments 1,486,634 (1,376,339) (1,976,859) (350,482) (428,616) (693,456)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations 11,253,430 10,190,101 19,377,339 20,277,592 23,234,662 21,893,138
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (8,299,761) (9,315,828) (16,007,084) (16,214,120) (18,489,907) (18,482,364)
Preferred shareholders N/A N/A (3,395,042) (3,458,793) (3,875,037) (3,888,069)
From accumulated net realized gain
from investment transactions:
Common shareholders (1,378,269) (107,163) -- -- (236,971) (416,639)
Preferred shareholders N/A N/A -- -- (49,109) (91,224)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (9,678,030) (9,422,991) (19,402,126) (19,672,913) (22,651,024) (22,878,296)
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 1,212,773 1,682,801 2,379,076 2,355,206 2,220,112 2,364,645
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 2,788,173 2,449,911 2,354,289 2,959,885 2,803,750 1,379,487
Net assets at beginning of year 154,297,806 151,847,895 342,320,031 339,360,146 395,568,744 394,189,257
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $157,085,979 $154,297,806 $344,674,320 $342,320,031 $398,372,494 $395,568,744
====================================================================================================================================
Balance of undistributed net
investment income at end of year $ 54,219 $ 55,845 $ 517,376 $ 664,788 $ 590,846 $ 1,226,149
====================================================================================================================================
<PAGE>
<CAPTION>
New York Select Quality New York Quality Income Insured New York Premium Income
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/98 9/30/97 9/30/98 9/30/97
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment income $ 27,388,420 $ 27,598,104 $ 27,295,675 $ 27,494,585 $ 8,756,117 $ 8,829,704
Net realized gain (loss) from investment
transactions (notes 1 and 4) 1,321,723 (98,622) 989,837 597,191 794,190 (694,840)
Net change in unrealized appreciation
or depreciation of investments 1,048,429 2,803,071 5,915,060 8,255,873 5,335,299 6,323,270
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations 29,758,572 30,302,553 34,200,572 36,347,649 14,885,606 14,458,134
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (22,762,023) (22,496,588) (22,202,539) (21,998,285) (6,765,972) (6,754,836)
Preferred shareholders (5,021,632) (4,899,015) (5,593,080) (5,531,743) (2,105,104) (2,066,404)
From accumulated net realized gain
from investment transactions:
Common shareholders -- (282,980) (511,676) (680,173) -- --
Preferred shareholders -- (61,908) (129,543) (176,348) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (27,783,655) (27,740,491) (28,436,838) (28,386,549) (8,871,076) (8,821,240)
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 4,348,938 4,603,400 3,704,412 2,432,567 478,559 --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 6,323,855 7,165,462 9,468,146 10,393,667 6,493,089 5,636,894
Net assets at beginning of year 513,293,401 506,127,939 539,327,330 528,933,663 187,812,743 182,175,849
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $519,617,256 $513,293,401 $548,795,476 $539,327,330 $194,305,832 $187,812,743
====================================================================================================================================
Balance of undistributed net
investment income at end of year $ 618,984 $ 1,014,219 $ 757,229 $ 1,257,173 $ 446,440 $ 561,399
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
1. General Information and Significant Accounting Policies
The New York Funds (the "Funds") covered in this report and their corresponding
New York Stock Exchange symbols are Nuveen New York Municipal Value Fund, Inc.
(NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New
York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select
Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal
Fund, Inc. (NUN) and Nuveen Insured New York Premium Income Municipal Fund,
Inc. (NNF).
New York Value is not authorized by its Articles of Incorporation to issue
Preferred shares. Therefore, in the Notes to Financial Statements, "N/A"
represents not-applicable.
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of New York.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade-date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
September 30, 1998, New York Performance Plus had an outstanding delayed
delivery purchase commitment of $6,051,292. There were no such outstanding
purchase commitments in any of the other Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for New York Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All monthly
tax-exempt income dividends paid during the fiscal year ended September 30,
1998, have been designated Exempt Interest Dividends. Net realized capital gain
and market discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
<PAGE>
Preferred Shares
The Funds below have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in more than one Series. The
dividend rate on each Series may change every seven days, as set by the auction
agent. The number of shares outstanding, by Series and in total, for each Fund
is as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
Performance Investment Select Quality Premium
Plus Quality Quality Income Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Number of shares:
Series M 1,600 -- -- 2,200 1,320
Series T -- 2,400 -- -- 1,280
Series W 2,000 -- 2,400 2,200 --
Series Th -- -- 3,600 2,400 --
Series F 572 2,400 -- -- --
- ---------------------------------------------------------------------------------------------------------
Total 4,172 4,800 6,000 6,800 2,600
=========================================================================================================
</TABLE>
Insurance
New York Investment Quality, New York Select Quality, New York Quality Income
and Insured New York Premium Income invest in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. government or U.S. government agency securities, both
of which ensure the timely payment of principal and interest. Each insured
municipal security is covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance. Such insurance does not guarantee the market
value of the municipal securities or the value of the Funds' shares. Original
Issue Insurance and Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and the insurer remains
in business, regardless of whether the Funds ultimately dispose of such
municipal securities. Consequently, the market value of the municipal securities
covered by Original Issue Insurance or Secondary Market Insurance may reflect
value attributable to the insurance. Portfolio Insurance is effective only while
the municipal securities are held by the Funds. Accordingly, neither the prices
used in determining the market value of the underlying municipal securities nor
the net asset value of the Funds'shares include value, if any, attributable to
the Portfolio Insurance. Each policy of the Portfolio Insurance does, however,
give the Funds the right to obtain permanent insurance with respect to the
municipal security covered by the Portfolio Insurance policy at the time of its
sale.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the fiscal year ended September 30, 1998.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period. Actual results may differ
from these estimates.
2. Fund Shares
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
New York Value New York Performance Plus
Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/98 9/30/97
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of distributions 116,219 161,496 133,661 134,942
=========================================================================================================
<CAPTION>
New York Investment Quality New York Select Quality
Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/98 9/30/97
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of distributions 125,667 138,095 258,860 285,405
=========================================================================================================
<CAPTION>
Insured New York
New York Quality Income Premium Income
Year Ended Year Ended Year Ended Year Ended
9/30/98 9/30/97 9/30/98 9/30/97
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of distributions 227,308 154,902 31,006 --
=========================================================================================================
</TABLE>
<PAGE>
3. Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid November 2, 1998, to shareholders of record on
October 15, 1998, as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Dividend per share $.0435 $.0895 $.0860 $.0825 $.0780 $.0685
=========================================================================================================
</TABLE>
4. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended
September 30, 1998, were as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Purchases:
Investments in
municipal securities $54,137,631 $108,526,955 $78,782,150 $59,376,509 $67,884,413 $31,336,905
Temporary municipal
investments 33,000,000 49,200,000 33,460,000 22,600,000 23,225,000 7,900,000
Sales and Maturities:
Investments in
municipal securities 54,407,776 101,335,686 79,832,233 54,315,489 65,344,727 28,520,903
Temporary municipal
investments 32,700,000 48,800,000 33,260,000 23,100,000 23,225,000 10,200,000
=========================================================================================================
</TABLE>
At September 30, 1998, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
At September 30, 1998, the following Funds had unused capital loss carryforwards
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryforwards will expire as follows:
<TABLE>
<CAPTION>
Insured
New York New York
Performance Premium
Plus Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Expiration year:
2002 $ -- $1,457,571
2003 -- 3,373
2004 468,497 2,802,391
2005 -- 540,548
- ---------------------------------------------------------------------------------------------------------
Total $468,497 $4,803,883
=========================================================================================================
</TABLE>
<PAGE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 1998, were as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gross unrealized:
appreciation $11,152,337 $24,672,305 $29,962,077 $44,314,059 $45,624,086 $16,441,612
depreciation -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation $11,152,337 $24,672,305 $29,962,077 $44,314,059 $45,624,086 $16,441,612
=========================================================================================================
</TABLE>
6. Management Fee and Other Transactions with Affiliates
Under New York Value's investment management agreement with Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the
Fund pays an annual management fee, payable monthly, of .35 of 1% of the average
daily net asset value of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under the Funds' (excluding New York Value) investment management agreements
with the Adviser, each Fund pays an annual management fee, payable monthly, at
the rates set forth below, which are based upon the average daily net asset
value of each Fund as follows:
Average Daily Net Asset Value Management Fee
- ----------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
===========================================================================
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
<TABLE>
<CAPTION>
7. Composition of Net Assets At September 30, 1998, net assets consisted of:
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Preferred shares, $25,000
stated value per share,
at liquidation value $ N/A $104,300,000 $120,000,000 $150,000,000 $170,000,000 $ 65,000,000
Common shares, $.01 par
value per share 151,204 148,021 175,169 231,109 238,169 82,486
Paid-in surplus 144,261,019 215,505,115 245,822,362 323,230,003 331,230,182 117,139,179
Balance of undistributed
net investment income 54,219 517,376 590,846 618,984 757,229 446,440
Accumulated net realized gain
(loss) from investment
transactions 1,467,200 (468,497) 1,822,040 1,223,101 945,810 (4,803,885)
Net unrealized appreciation
of investments 11,152,337 24,672,305 29,962,077 44,314,059 45,624,086 16,441,612
- ---------------------------------------------------------------------------------------------------------
Net assets $157,085,979 $344,674,320 $398,372,494 $519,617,256 $548,795,476 $194,305,832
=========================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
=========================================================================================================
</TABLE>
<PAGE>
<TABLE>
Financial Highlights
Selected data for a Common share outstanding throughout each period is
as follows:
<CAPTION>
Investment Operations
-----------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Investment
Value Income Gain (Loss) Total
<S> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1998 $10.28 $ .55 $ .20 $ .75
1997 10.23 .62 .06 .68
1996 10.44 .64 (.15) .49
1995 10.39 .66 .06 .72
1994 10.99 .66 (.57) .09
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 16.23 1.31 .02 1.33
1997 16.17 1.35 .06 1.41
1996 16.41 1.36 (.22) 1.14
1995 15.91 1.37 .52 1.89
1994 17.24 1.36 (1.29) .07
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.85 1.24 .09 1.33
1997 15.89 1.29 (.01) 1.28
1996 16.16 1.30 (.25) 1.05
1995 15.71 1.30 .48 1.78
1994 17.29 1.30 (1.56) (.26)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.90 1.19 .11 1.30
1997 15.78 1.21 .13 1.34
1996 15.90 1.22 (.06) 1.16
1995 15.24 1.23 .69 1.92
1994 17.03 1.22 (1.76) (.54)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.66 1.15 .30 1.45
1997 15.32 1.17 .39 1.56
1996 15.31 1.19 .04 1.23
1995 14.51 1.19 .84 2.03
1994 16.50 1.18 (1.96) (.78)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 14.95 1.06 .75 1.81
1997 14.26 1.07 .69 1.76
1996 13.92 1.08 .33 1.41
1995 12.74 1.08 1.20 2.28
1994 15.34 1.05 (2.62) (1.57)
<PAGE>
<CAPTION>
Less Distributions
---------------------------------------------------------------------
Net Net
Investment Investment Capital Capital
Income Income Gains Gains
To Common To Preferred To Common To Preferred
Shareholders Shareholders+ Shareholders Shareholders+ Total
New York Value
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1998 $ (.55) $ N/A $ (.09) $ N/A $ (.64)
1997 (.62) N/A (.01) N/A (.63)
1996 (.66) N/A (.04) N/A (.70)
1995 (.67) N/A -- N/A (.67)
1994 (.67) N/A (.02) N/A (.69)
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1998 (1.09) (.23) -- -- (1.32)
1997 (1.11) (.24) -- -- (1.35)
1996 (1.13) (.25) -- -- (1.38)
1995 (1.12) (.27) -- -- (1.39)
1994 (1.13) (.27) -- -- (1.40)
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1998 (1.06) (.22) (.01) -- (1.29)
1997 (1.07) (.22) (.02) (.01) (1.32)
1996 (1.05) (.24) (.02) (.01) (1.32)
1995 (1.05) (.28) -- -- (1.33)
1994 (1.08) (.24) -- -- (1.32)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1998 (.99) (.22) -- -- (1.21)
1997 (.99) (.22) (.01) -- (1.22)
1996 (1.01) (.23) (.03) (.01) (1.28)
1995 (1.01) (.25) -- -- (1.26)
1994 (1.06) (.18) (.01) -- (1.25)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1998 (.94) (.24) (.02) (.01) (1.21)
1997 (.94) (.24) (.03) (.01) (1.22)
1996 (.94) (.25) (.02) (.01) (1.22)
1995 (.94) (.27) (.02) -- (1.23)
1994 (.95) (.24) (.02) -- (1.21)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1998 (.82) (.26) -- -- (1.08)
1997 (.82) (.25) -- -- (1.07)
1996 (.80) (.27) -- -- (1.07)
1995 (.81) (.29) -- -- (1.10)
1994 (.84) (.19) -- -- (1.03)
<PAGE>
<CAPTION>
Total Returns
---------------------------
Ending
Net Asset Ending Based on Based on Net
Value Market Value Market Value* Asset Value*
<S> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1998 $10.39 $10.1250 .87% 7.57%
1997 10.28 10.6875 8.11 6.87
1996 10.23 10.5000 8.07 4.85
1995 10.44 10.3750 5.33 7.24
1994 10.39 10.5000 (.77) .78
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 16.24 17.7500 .63 7.00
1997 16.23 18.7500 15.77 7.49
1996 16.17 17.2500 10.76 5.53
1995 16.41 16.6250 12.43 10.62
1994 15.91 15.8750 (5.07) (1.22)
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.89 17.5000 2.60 7.27
1997 15.85 18.1250 14.40 6.84
1996 15.89 16.8750 9.01 5.09
1995 16.16 16.5000 15.87 9.98
1994 15.71 15.2500 (6.26) (2.97)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.99 16.9375 6.84 7.01
1997 15.90 16.8125 11.77 7.34
1996 15.78 16.0000 8.26 5.86
1995 15.90 15.7500 15.34 11.41
1994 15.24 14.6250 (4.30) (4.32)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.90 16.6250 8.89 7.90
1997 15.66 16.1875 12.90 8.80
1996 15.32 15.2500 10.96 6.45
1995 15.31 14.6250 11.96 12.58
1994 14.51 14.0000 (3.58) (6.37)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 15.68 15.6875 11.29 10.67
1997 14.95 14.8750 14.63 10.93
1996 14.26 13.7500 11.15 8.35
1995 13.92 13.1250 22.11 16.30
1994 12.74 11.5000 (16.98) (11.85)
<PAGE>
<CAPTION>
Ratios/Supplemental Data
-------------------------------------------------------
Ratio of Net
Ratio of Investment
Ending Expenses to Income to Portfolio
Net Assets Average Average Turnover
(000) Net Assets++ Net Assets++ Rate
<S> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1998 $157,086 .75% 5.37% 36%
1997 154,298 .79 6.10 28
1996 151,848 .83 6.16 7
1995 124,484 .80 6.38 12
1994 122,311 .84 6.16 4
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 344,674 .81 5.63 30
1997 342,320 .81 5.81 7
1996 339,360 .82 5.76 2
1995 340,246 .86 5.86 15
1994 163,591 .87 5.76 2
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 398,372 .82 5.49 20
1997 395,569 .82 5.69 2
1996 394,189 .82 5.63 4
1995 396,012 .84 5.73 4
1994 387,955 .83 5.53 2
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 519,617 .81 5.32 11
1997 513,293 .81 5.43 3
1996 506,128 .80 5.40 4
1995 505,340 .82 5.56 5
1994 490,530 .83 5.38 2
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 548,795 .79 5.03 12
1997 539,327 .80 5.17 13
1996 528,934 .79 5.25 9
1995 528,027 .81 5.42 4
1994 509,344 .82 5.20 5
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1998 194,306 .85 4.60 15
1997 187,813 .85 4.80 24
1996 182,176 .86 4.87 21
1995 179,368 .95 5.05 32
1994 86,720 .96 4.80 5
N/A Fund is not authorized to issue Preferred shares.
* Total Investment Return on Market Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total returns
are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders.
</TABLE>
<PAGE>
Building a Better Portfolio
Can Make You a Successful Investor
Nuveen Family of Mutual Funds
Nuveen offers a variety of funds designed to help you reach your financial
goals.
Growth
Nuveen Rittenhouse
Growth Fund
Growth and Income
European Value Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
Tax-Free Income
National Funds
Long-Term
Insured
Intermediate-Term
Limited-Term
State Funds
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
Tennessee
Virginia
Wisconsin
Successful investors know that a well-diversified portfolio - one that balances
different types of investments, levels of risk and tax management - can be the
foundation for building and sustaining wealth. That's why Nuveen offers you and
your financial adviser a wide range of quality investments that can help you
build a better portfolio in the pursuit of your financial goals
Exchange-Traded Funds
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MuniPreferred(R)
Nuveen MuniPreferred offers investors a AAA rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class exchange-traded funds and are available for national as well as a
wide variety of state-specific portfolios.
Mutual Funds
Nuveen offers a family of equity, balanced and municipal bond funds featuring
Premier AdvisersSM including Institutional Capital Corporation, Rittenhouse
Financial Services, and Nuveen Advisory Corp. Each brings a specialized
expertise in a particular investment style or asset class, time-tested
investment strategies and a focus on consistent, long-term performance. With
Nuveen's Premier Adviser funds, you have all the advantages of a family of funds
plus the benefits of specialized investment expertise.
Private Asset Management
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more to invest. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
Defined Portfolios
Nuveen Defined Portfolios are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, while also offering
experienced, professional security selection and surveillance. In addition,
Nuveen Defined Portfolios provide daily liquidity at that day's net asset value
for quick access to your assets.
<PAGE>
Fund Information
Board of Directors
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian, Transfer Agent
and Shareholder Services
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
Legal Counsel
Morgan, Lewis &
Bockius LLP
Washington, D.C.
Independent Auditors
Ernst & Young LLP
Chicago, IL
Year 2000
The concern that computer systems may have problems processing date-related
information in the year 2000 and beyond has challenged businesses and
organizations to thoroughly review all aspects of their operations. We have
undertaken just such an approach at Nuveen in preparation for the millennium.
Over the last 10 years, our trading, fund management and pricing systems at
Nuveen - the systems that directly affect our investors and their financial
advisers - have been updated or replaced to address the Year 2000 concerns.
We continue to work closely with our transfer agent, custodian and other service
partners to monitor readiness and address other remaining systems issues. Our
initial testing indicates we are on schedule, and we have targeted year-end 1998
to complete verification of vendor compliance and service partner readiness.
However, we can give no complete assurance at this time that the steps we have
taken will be sufficient to prevent any problems that would impact the Nuveen
Exchange-Traded Funds.
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended September 30, 1998. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
Photo of: John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today we offer a broad range of
quality investments designed for individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them pursue their financial goals.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of investments and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and tax-free income funds, along with our defined portfolios and
private asset management, can help you build a better, well-diversified
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you. Or call us at (800) 257-8787 for more
information, including a prospectus where applicable. Please read that
information carefully before investing.
GRAPHIC:
NUVEEN
1898 1998
OUR SECOND CENTURY
helping investors sustain the wealth of a lifetime.(TM)
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FAN-1-9-98
